Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BEMIS COMPANY, INC.
(in thousands of dollars except ratio data)
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| Three-Months Ended |
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| For the Three Months |
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| Ended March 31, |
| For the Year Ended December 31, |
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| 2009 |
| 2008 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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| (unaudited) |
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EARNINGS: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees |
| $ | 58,648 |
| $ | 68,473 |
| $ | 268,525 |
| $ | 289,605 |
| $ | 289,336 |
| $ | 282,366 |
| $ | 294,156 |
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Fixed charges |
| 6,739 |
| 10,211 |
| 43,583 |
| 56,083 |
| 54,032 |
| 41,334 |
| 16,186 |
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Less: Capitalized interest |
| (313 | ) | (779 | ) | (2,557 | ) | (4,220 | ) | (2,871 | ) | (993 | ) | (178 | ) | |||||||
Less: Preference security dividend requirements |
| (312 | ) | (312 | ) | (1,248 | ) | (1,073 | ) | (1,391 | ) | (1,183 | ) | 0 |
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Noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges |
| 0 |
| 0 |
| 0 |
| 0 |
| (6 | ) | (228 | ) | (126 | ) | |||||||
Losses recognized in pre-tax income for less than 50% owned persons |
| (439 | ) | (509 | ) | (919 | ) | (933 | ) | (32 | ) | (874 | ) | (11,698 | ) | |||||||
Capitalized interest amortization |
| 211 |
| 205 |
| 841 |
| 803 |
| 752 |
| 734 |
| 770 |
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TOTAL EARNINGS |
| $ | 64,534 |
| $ | 77,289 |
| $ | 308,225 |
| $ | 340,265 |
| $ | 339,820 |
| $ | 321,156 |
| $ | 299,110 |
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FIXED CHARGES: |
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Interest expense: |
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Consolidated interest |
| $ | 6,023 |
| $ | 9,029 |
| $ | 39,413 |
| $ | 50,268 |
| $ | 49,252 |
| $ | 38,737 |
| $ | 15,503 |
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Capitalized interest |
| 313 |
| 779 |
| 2,557 |
| 4,220 |
| 2,871 |
| 993 |
| 178 |
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Total interest expense |
| 6,336 |
| 9,808 |
| 41,970 |
| 54,488 |
| 52,123 |
| 39,730 |
| 15,681 |
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Interest inherent in rent expense |
| 91 |
| 91 |
| 365 |
| 522 |
| 518 |
| 421 |
| 505 |
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Preference security dividend requirements |
| 312 |
| 312 |
| 1,248 |
| 1,073 |
| 1,391 |
| 1,183 |
| 0 |
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TOTAL FIXED CHARGES |
| $ | 6,739 |
| $ | 10,211 |
| $ | 43,583 |
| $ | 56,083 |
| $ | 54,032 |
| $ | 41,334 |
| $ | 16,186 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 9.6 |
| 7.6 |
| 7.1 |
| 6.1 |
| 6.3 |
| 7.8 |
| 18.5 |
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