EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
EXHIBIT 12
 
JOSTENS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
 
    
Nine months ended
   
Years ended
Dollars in thousands
   
September 28,
2002
   
September 29,
2001
   
December 29,
2001
   
December 30,
2000
     
January 1,
2000
   
January 2,
1999
   
January 3,
1998
Earnings
                                                   
Income (loss) from continuing operations before income taxes
   
$
43,853
   
$
27,544
   
$
26,540
   
$
(10,468
)
   
$
43,999
   
$
35,952
   
$
52,379
Interest expense
(excluding capitalized interest)
   
 
50,830
   
 
60,570
   
 
79,035
   
 
60,252
 
   
 
7,486
   
 
7,026
   
 
6,866
Portion of rent expense under long-term operating leases representative of an interest factor
   
 
1,053
   
 
943
   
 
1,164
   
 
1,121
 
   
 
1,483
   
 
1,233
   
 
2,133
    
  
  
  
  
  
  
Total earnings
   
$
95,736
   
$
89,057
   
$
106,739
   
$
50,905
 
   
$
52,968
   
$
44,211
   
$
61,378
    
  
  
  
  
  
  
Fixed charges
                                                   
Interest expense
(including capitalized interest)
   
$
50,830
   
$
60,570
   
$
79,035
   
$
60,252
 
   
$
7,887
   
$
7,729
   
$
6,866
Portion of rent expense under long-term operating leases representative of an interest factor
   
 
1,053
   
 
943
   
 
1,164
   
 
1,121
 
   
 
1,483
   
 
1,233
   
 
2,133
    
  
  
  
  
  
  
Total fixed charges
   
$
51,883
   
$
61,513
   
$
80,199
   
$
61,373
 
   
$
9,370
   
$
8,962
   
$
8,999
    
  
  
  
  
  
  
Ratio of earnings to fixed charges
   
 
1.8
   
 
1.4
   
 
1.3
   
 
0.8
1
   
 
5.7
   
 
4.9
   
 
6.8
 
1 For the year ended December 30, 2000, earnings did not cover fixed charges by $10.5 million.