Attached files
Exhibit 12.1
CLEARWATER PAPER CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
| Nine Months Ended September 30, 2009 |
Years Ended December 31, | |||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Earnings (loss) before income taxes |
$ | 193,271 | $ | 15,337 | $ | 39,407 | $ | 33,263 | $ | (14,840 | ) | $ | (8,798 | ) | ||||||
| Add: |
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| Interest expense |
11,271 | 13,147 | 13,000 | 13,000 | 12,589 | 12,500 | ||||||||||||||
| Rental expense factor 1 |
3,600 | 4,501 | 4,489 | 5,156 | 4,654 | 4,552 | ||||||||||||||
| Earnings available for fixed charges |
$ | 208,142 | $ | 32,985 | $ | 56,896 | $ | 51,419 | $ | 2,403 | $ | 8,254 | ||||||||
| Fixed charges: |
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| Interest expense |
$ | 11,271 | $ | 13,147 | $ | 13,000 | $ | 13,000 | $ | 12,589 | $ | 12,500 | ||||||||
| Rental expense factor 1 |
3,600 | 4,501 | 4,489 | 5,156 | 4,654 | 4,552 | ||||||||||||||
| Total fixed charges |
$ | 14,871 | $ | 17,648 | $ | 17,489 | $ | 18,156 | $ | 17,243 | $ | 17,052 | ||||||||
| Ratio of earnings to fixed charges |
14.0 | 1.9 | 3.3 | 2.8 | 0.1 | 0.5 | ||||||||||||||
| 1 | “Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense. |
The ratio of earnings to fixed charges is computed by dividing income or loss before taxes plus fixed charges by fixed charges. Fixed charges consist of interest expense and the estimated portion of rental expense deemed by us to be representative of the interest factor of rental payments under operating leases. The dollar amount of deficiency in earnings available for fixed charges for a one-to-one ratio for 2005 and 2004 was $14,840 and $8,798, respectively.