Attached files
Exhibit 12
CLEARWATER PAPER CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
| Years Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| Earnings before income taxes |
$ | 76,196 | $ | 275,685 | $ | 15,337 | $ | 39,407 | $ | 33,263 | ||||||||||
| Add: Fixed charges |
27,382 | 20,248 | 17,648 | 17,489 | 18,156 | |||||||||||||||
| Subtract: Capitalized interest |
(480 | ) | — | — | — | — | ||||||||||||||
| Earnings available for fixed charges |
$ | 103,098 | $ | 295,933 | $ | 32,985 | $ | 56,896 | $ | 51,419 | ||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
$ | 22,571 | $ | 15,505 | $ | 13,147 | $ | 13,000 | $ | 13,000 | ||||||||||
| Capitalized interest |
480 | — | — | — | — | |||||||||||||||
| Rental expense factor 1 |
4,331 | 4,743 | 4,501 | 4,489 | 5,156 | |||||||||||||||
| Total fixed charges |
$ | 27,382 | $ | 20,248 | $ | 17,648 | $ | 17,489 | $ | 18,156 | ||||||||||
| Ratio of earnings to fixed charges |
3.8 | 14.6 | 1.9 | 3.3 | 2.8 | |||||||||||||||
| 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 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.