Exhibit 12.1
Graphic Packaging International
Fixed Charges Ratio
6/30/2014
| Year Ended December 31, | ||||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 6/30/2014 | |||||||||||||||||||
| Fixed Charges |
||||||||||||||||||||||||
| Interest Expense |
188.3 | 167.0 | 138.9 | 105.4 | 95.6 | 40.1 | ||||||||||||||||||
| Amortization of Debt Issue Cost |
8.5 | 8.3 | 7.0 | 6.2 | 6.3 | 2.5 | ||||||||||||||||||
| Capitalized Interest |
2.4 | 1.1 | 1.5 | 2.2 | 3.5 | 1.2 | ||||||||||||||||||
| Interest Factor in Rent Expense |
12.0 | 12.3 | 11.9 | 10.9 | 12.0 | 5.5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| FIXED CHARGES |
211.2 | 188.7 | 159.3 | 124.7 | 117.4 | 49.3 | ||||||||||||||||||
| Earnings |
||||||||||||||||||||||||
| (Loss) Income from Continuing Operations Before Income Tax |
80.5 | 38.2 | 45.4 | 202.6 | 214.1 | (13.9 | ) | |||||||||||||||||
| Dividends Received, Net of Earnings in Equity Affiliates |
(0.1 | ) | (0.2 | ) | (0.4 | ) | (2.3 | ) | (0.2 | ) | (0.5 | ) | ||||||||||||
| Fixed Charges |
211.2 | 188.7 | 159.3 | 124.7 | 117.4 | 49.3 | ||||||||||||||||||
| Capitalized Interest |
(2.4 | ) | (1.1 | ) | (1.5 | ) | (2.2 | ) | (3.5 | ) | (1.2 | ) | ||||||||||||
| Amortization of Capitalized Interest |
1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 0.9 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EARNINGS |
291.1 | 227.5 | 204.8 | 324.8 | 329.8 | 34.6 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
1.4 | 1.2 | 1.3 | 2.6 | 2.8 | 0.7 | (1) | |||||||||||||||||
| (1) | Earnings for the six months ended June 30, 2014 were inadequate to cover fixed charges by $14.7 million. |