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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BEMIS COMPANY, INC.
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Six Months Ended June 30, |
For the Year Ended December 31, |
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1999 |
2000 |
1995 |
1996 |
1997 |
1998 |
1999 |
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(unaudited) |
(in thousands of dollars except ratio data) |
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| EARNINGS: | ||||||||||||||||||||||||
| Earnings before income taxes and cumulative effect of accounting changes | $ | 82,129 | $ | 104,793 | $ | 133,281 | $ | 166,037 | $ | 164,924 | $ | 165,030 | $ | 185,875 | ||||||||||
| Fixed charges | 12,901 | 14,861 | 15,326 | 17,405 | 24,920 | 27,562 | 26,546 | |||||||||||||||||
| Less: Capitalized interest | (679 | ) | (1,005 | ) | (696 | ) | (787 | ) | (1,317 | ) | (1,331 | ) | (1,568 | ) | ||||||||||
| Minority interest in net income of majority-owned subsidiaries | 1,929 | 203 | 3,970 | 4,695 | 5,406 | 4,496 | 4,224 | |||||||||||||||||
| Less: Minority interest in net income of majority-owned subsidiaries without fixed charges | (22 | ) | (203 | ) | 0 | 0 | 0 | (242 | ) | (185 | ) | |||||||||||||
| Losses recognized in pre-tax income of less than 50% owned persons | 5,729 | 1,060 | 0 | 0 | 0 | 1,546 | 7,614 | |||||||||||||||||
| Capitalized interest amortization | 373 | 377 | 538 | 577 | 509 | 801 | 769 | |||||||||||||||||
| TOTAL EARNINGS |
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102,360 |
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120,086 |
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152,419 |
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187,927 |
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194,442 |
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197,862 |
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223,275 |
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| FIXED CHARGES: |
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| Interest expense: | ||||||||||||||||||||||||
| Consolidated interest expense | 10,342 | 12,106 | 11,549 | 13,397 | 18,893 | 21,866 | 21,218 | |||||||||||||||||
| Capitalized interest | 679 | 1,005 | 696 | 787 | 1,317 | 1,331 | 1,568 | |||||||||||||||||
| Total interest expense | 11,021 | 13,111 | 12,245 | 14,184 | 20,210 | 23,197 | 22,786 | |||||||||||||||||
| Interest inherent in rent expense | 1,880 | 1,750 | 3,081 | 3,221 | 4,710 | 4,365 | 3,760 | |||||||||||||||||
| TOTAL FIXED CHARGES |
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12,901 |
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14,861 |
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15,326 |
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17,405 |
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24,920 |
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27,562 |
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26,546 |
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| RATIO OF EARNINGS TO FIXED CHARGES |
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7.93 |
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8.08 |
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9.95 |
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10.80 |
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7.80 |
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7.18 |
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8.41 |
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