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EXHIBIT 12.2
STONE CONTAINER CORPORATION
CALCULATION OF HISTORICAL RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
<TABLE>
<CAPTION>
Predecessor
----------------------------------
Six months Period from Period from Year ended
ended June 30, Year ended November 19 to January 1 to December 31,
--------------- December 31, December 31, November 18, --------------------
2000 1999 1999 1998 1998 1997 1996 1995
------ ------ ------------ -------------- ------------ ----- ----- -----
(unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income (loss) before income taxes, minority
interest and extraordinary item 70 (101) (75) (52) (837) (605) (189) 794
Add (deduct):
Undistributed (earnings) loss of owned
affiliates (6) 10 11 (1) 112 94 (48) (9)
Interest expense (a) 170 179 345 47 417 457 414 461
Interest component of rental expense (c) 13 13 27 4 26 29 27 26
---- ---- ---- ---- ---- ---- ---- -----
Earnings available for combined fixed charges
and preferred stock dividends 247 101 308 (2) (282) (25) 204 1,272
==== ==== ==== ==== ==== ==== ==== =====
Combined fixed charges and preferred stock
dividends:
Interest expense (a) 170 179 345 47 417 457 414 461
Capitalized interest 2 3 12 13
Interest component of rental expense (c) 13 13 27 4 26 29 27 26
Preferred stock dividends 2 8 13
---- ---- ---- ---- ---- ---- ---- -----
Total combined fixed charges and
preferred stock dividends 183 192 372 51 445 491 461 513
==== ==== ==== ==== ==== ==== ==== =====
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.35 (b) (b) (b) (b) (b) (b) 2.48
==== ==== ==== ==== ==== ==== ==== =====
</TABLE>
(a) Interest expense includes amortization of debt issuance cost of $2 million
for the six months ended June 30 2000, $2 million for the six months
ended June 30, 1999, $4 million in 1999, $19 million in 1998, $20 million
in 1997, $20 million in 1996 and $20 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, 1999, 1997 and 1996 and for the periods from January 1 to November 18,
1998 and from November 19 to December 31, 1998 by $91 million, $64 million,
$516 million, $257 million, $727 million and $53 million, respectively.
(c) The interest component of rental expense was deemed to be one-fourth of
lease rental expense.
