Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - PACKAGING CORP OF AMERICA | c55853e10vk.htm |
| EX-31.2 - EX-31.2 - PACKAGING CORP OF AMERICA | c55853exv31w2.htm |
| EX-32.2 - EX-32.2 - PACKAGING CORP OF AMERICA | c55853exv32w2.htm |
| EX-21.1 - EX-21.1 - PACKAGING CORP OF AMERICA | c55853exv21w1.htm |
| EX-23.1 - EX-23.1 - PACKAGING CORP OF AMERICA | c55853exv23w1.htm |
| EX-24.1 - EX-24.1 - PACKAGING CORP OF AMERICA | c55853exv24w1.htm |
| EX-32.1 - EX-32.1 - PACKAGING CORP OF AMERICA | c55853exv32w1.htm |
| EX-31.1 - EX-31.1 - PACKAGING CORP OF AMERICA | c55853exv31w1.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| Amounts in millions, except ratios | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Ratio of Earnings to Fixed Charges |
7.3 | x | 5.0 | x | 6.4 | x | 4.9 | x | 2.9 x | |||||||||||
Details of the specific calculations are set forth below:
| Year Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings |
||||||||||||||||||||
Income before taxes |
$ | 317.0 | $ | 210.1 | $ | 267.9 | $ | 194.7 | $ | 88.0 | ||||||||||
Add: Fixed charges |
50.3 | 52.1 | 49.4 | 49.3 | 46.0 | |||||||||||||||
Subtotal |
367.3 | 262.2 | 317.3 | 244.0 | 134.0 | |||||||||||||||
Less: Capitalized interest |
(0.9 | ) | (1.3 | ) | (1.0 | ) | (0.5 | ) | (0.8 | ) | ||||||||||
Total |
$ | 366.4 | $ | 260.9 | $ | 316.3 | $ | 243.5 | $ | 133.2 | ||||||||||
Fixed charges |
||||||||||||||||||||
Interest expense |
$ | 35.6 | $ | 36.9 | $ | 35.1 | $ | 36.0 | $ | 33.3 | ||||||||||
Capitalized interest |
0.9 | 1.3 | 1.0 | 0.5 | 0.8 | |||||||||||||||
Interest portion of rent expense (1) |
13.8 | 13.9 | 13.3 | 12.8 | 11.9 | |||||||||||||||
Total |
$ | 50.3 | $ | 52.1 | $ | 49.4 | $ | 49.3 | $ | 46.0 | ||||||||||
Ratio of Earnings to Fixed Charges |
7.3 | x | 5.0 | x | 6.4 | x | 4.9 | x | 2.9 | x | ||||||||||
| (1) | The interest portion of rent expense represents the estimated interest component of such rental payments. |
Earnings available for fixed charges represent earnings before income taxes and fixed charges
excluding capitalized interest. Fixed charges represent interest expense; amortization of the 2003
and 2008 treasury lock settlements; debt discount and expenses; capitalized interest and that
portion of rental expense deemed to be the equivalent of interest.