Clearwater Paper Corp - FORM 10-K - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 19, 2016

Attached files

file filename
EX-10.4 - EMPLOYMENT AGREEMENT - Clearwater Paper Corpex104.htm
EX-10.6IV - AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN - FORM OF PERFORMANCE SHARE AGREE - Clearwater Paper Corpex106iv.htm
EX-10.8III - STOCK INCENTIVE PLAN - FORM OF AMENDMENT OF STOCK OPTION AGREEMENT - Clearwater Paper Corpex108iii.htm
EX-10.7XII - AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN - Clearwater Paper Corpex107xii.htm
EX-31 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS - Clearwater Paper Corpex31q4-15.htm
EX-21 - CLEARWATER PAPER CORPORATION SUBSIDIARIES - Clearwater Paper Corpex212015q4.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Clearwater Paper Corpex232015q4.htm
EX-24 - POWERS OF ATTORNEY - Clearwater Paper Corpex242015q4.htm
10-K - 10-K - Clearwater Paper Corpclw201510-k.htm
EX-32 - FURNISHED STATEMENTS OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - Clearwater Paper Corpex32q4-15.htm


Exhibit (12)
CLEARWATER PAPER CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings before income taxes
 
$
92,488

 
$
16,241

 
$
38,234

 
$
111,591

 
$
70,920

Add: Fixed charges
 
40,021

 
72,407

 
69,390

 
53,974

 
55,706

Subtract: Capitalized interest
 
(396
)
 
—

 
—

 
(12,570
)
 
(3,705
)
Earnings available for fixed charges
 
$
132,113

 
$
88,648

 
$
107,624

 
$
152,995

 
$
122,921

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, net1
 
$
31,182

 
$
63,570

 
$
61,094

 
$
33,796

 
$
44,809

Rental expense factor 2
 
8,443

 
8,837

 
8,296

 
7,608

 
7,192

Capitalized interest
 
396

 
—

 
—

 
12,570

 
3,705

Total fixed charges
 
$
40,021

 
$
72,407

 
$
69,390

 
$
53,974

 
$
55,706

Ratio of earnings to fixed charges
 
3.3

 
1.2

 
1.6

 
2.8

 
2.2

1 
Interest expense, net for the years ended December 31, 2014 and 2013 includes debt retirement costs of $24.4 million and $17.1 million, respectively.
2 
“Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense.
The ratio of earnings to fixed charges is computed by dividing earnings available for fixed charges by fixed charges. Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest and the rental expense factor discussed above.


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