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EXHIBIT 12.1
SMURFIT-STONE CONTAINER CORPORATION
CALCULATION OF HISTORICAL RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
<TABLE>
<CAPTION>
Six months
ended June 30, Year Ended December 31,
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2000 1999 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Income (loss) before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting changes 154 (155) 339 (336) (22) 132 372
Add (deduct):
Undistributed (earnings) loss of owned affiliates (6) 10 11 (1) 0 0 0
Interest expense (a) 253 299 572 242 196 198 235
Interest component of rental expense (c) 20 20 39 17 12 12 12
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Earnings available for combined fixed charges and
preferred stock dividends 421 174 961 (78) 186 342 619
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Combined fixed charges and preferred stock dividends:
Interest expense (a) 253 299 572 242 196 198 235
Capitalized interest 2 1 4 2 5 3 3
Interest component of rental expense (c) 20 20 39 17 12 12 12
Preferred stock dividend requirements of majority
owned subsidiaries 7 4 13 1
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Total combined fixed charges and preferred
stock dividends 282 324 628 262 213 213 250
==== ==== ==== ==== ==== ==== =====
Ratio of earnings to combined fixed charges and
preferred stock dividends 1.49 (b) 1.53 (b) (b) 1.61 2.48
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(a) Interest expense includes amortization of debt issuance cost of $5 million
for the six months ended June 30, 2000, $7 million for the six months
ended June 30, 1999, $10 million in 1999, $8 million in 1998, $11 million
in 1997, $13 million in 1996 and $14 million in 1995.
(b) Earnings were inadequate to cover combined fixed charges and preferred stock
dividends for the period ended June 30, 1999 and the years ended December
31, 1998 and 1997 by $150 million, $340 million and $27 million,
respectively.
(c) The interest component of rental expense was deemed to be one-fourth of
lease rental expense.
