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EXHIBIT 12
JOSTENS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
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<CAPTION>
Six months ended Years ended
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July 1 July 3 January 1 January 2 January 3
Dollars in thousands 2000 1999 2000 1999 1998
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<S> <C> <C> <C> <C> <C>
Earnings
Income from continuing operations
before income taxes $ 33,286 $ 79,142 $ 74,659 $ 83,520 $ 93,383
Interest expense and amortization of debt
expense (excluding capitalized interest) 15,292 2,699 7,486 7,026 6,866
Portion of rent expense under
long-term operating leases
representative of an interest factor 601 777 1,483 1,233 2,133
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Total earnings $ 49,179 $ 82,619 $ 83,628 $ 91,779 $ 102,382
========================================================================= =========================================
Fixed charges
Interest expense
(including capitalized interest) $ 15,292 $ 2,961 $ 7,887 $ 7,729 $ 6,866
Portion of rent expense under
long-term operating leases
representative of an interest factor 601 777 1,483 1,233 2,133
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Total fixed charges $ 15,893 $ 3,739 $ 9,370 $ 8,962 $ 8,999
========================================================================= =========================================
Ratio of earnings to fixed charges 2.7 22.1 8.9 10.2 11.4
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Six months ended Years ended
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December 28 June 30 June 30
Dollars in thousands 1996 1996 1995
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<S> <C> <C> <C>
Earnings
Income from continuing operations
before income taxes $ 26 $ 87,479 $ 93,893
Interest expense and amortization of debt
expense (excluding capitalized interest) 4,330 9,403 5,452
Portion of rent expense under
long-term operating leases
representative of an interest factor 1,070 2,103 2,100
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Total earnings $ 5,426 $ 98,985 $101,445
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Fixed charges
Interest expense
(including capitalized interest) $ 4,330 $ 9,403 $ 5,452
Portion of rent expense under
long-term operating leases
representative of an interest factor 1,070 2,103 2,100
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Total fixed charges $ 5,400 $ 11,506 $ 7,552
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Ratio of earnings to fixed charges 1.0 8.6 13.4
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