EX-12 6 ex122013.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Ex 12 (2013)


Exhibit (12)
CLEARWATER PAPER CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings before income taxes
 
$
38,234

 
$
111,591

 
$
70,920

 
$
76,196

 
$
275,685

Add: Fixed charges
 
69,390

 
53,974

 
55,706

 
27,382

 
20,248

Subtract: Capitalized interest
 
—

 
(12,570
)
 
(3,705
)
 
(480
)
 
—

Earnings available for fixed charges
 
$
107,624

 
$
152,995

 
$
122,921

 
$
103,098

 
$
295,933

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
61,094

 
$
33,796

 
$
44,809

 
$
22,571

 
$
15,505

Rental expense factor 2
 
8,296

 
7,608

 
7,192

 
4,331

 
4,743

Capitalized interest
 
—

 
12,570

 
3,705

 
480

 
—

Total fixed charges
 
$
69,390

 
$
53,974

 
$
55,706

 
$
27,382

 
$
20,248

Ratio of earnings to fixed charges
 
1.6

 
2.8

 
2.2

 
3.8

 
14.6

1 
Interest expense, net for the year ended December 31, 2013 includes debt retirement costs of $17.1 million.
2 
“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 earnings available for fixed charges by fixed charges. Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest and the rental expense factor discussed above.