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)

 

     Three months ended
    Years ended

Dollars in thousands

    June 28,
2003
    June 29,
2002
    December 28,
2002
    December 29,
2001
    December 30,
2000
     January 1,
2000
   

January 2,

1999

Earnings

                                                  

Income (loss) from continuing operations before income taxes

    $ 77,188    $ 73,693    $ 28,269    $ 26,540    $ (10,468 )   $ 43,999    $ 35,952

Interest expense (excluding capitalized interest)

      27,608      35,468      68,435      79,035      60,252       7,486      7,026

Portion of rent expense under long-term operating leases representative of an interest factor

      697      720      1,312      1,164      1,121       1,483      1,233
    
  
  
  
  
 
  

Total earnings

    $ 105,493    $ 109,881    $ 98,016    $ 106,739    $ 50,905     $ 52,968    $ 44,211
    
  
  
  
  
 
  

Fixed charges

                                                  

Interest expense (including capitalized interest)

    $ 27,608    $ 35,468    $ 68,435    $ 79,035    $ 60,252     $ 7,887    $ 7,729

Portion of rent expense under long-term operating leases representative of an interest factor

      697      720      1,312      1,164      1,121       1,483      1,233
    
  
  
  
  
 
  

Total fixed charges

    $ 28,305    $ 36,188    $ 69,747    $ 80,199    $ 61,373     $ 9,370    $ 8,962
    
  
  
  
  
 
  

Ratio of earnings to fixed charges

      3.7      3.0      1.4      1.3      0.81       5.7      4.9

 

1   For the year ended December 30, 2000, earnings did not cover fixed charges by $10.5 million.