OfficeMax 2005 Annual Report Download - page 125

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Exhibit 12.1
OFFICEMAX INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
Year Ended December 31
2005 2004 2003 2002 2001
(thousands, except ratios)
Interest costs ................... $141,455 $ 155,689 $ 134,930 $ 133,762 $ 129,917
Guarantee of interest on ESOP debt . . . — 905 3,976 6,405 8,732
Interest capitalized during the period . . . — 28 391 3,937 1,945
Interest factor related to noncapitalized
leases(a) ..................... 120,989 130,229 15,974 11,128 11,729
Total fixed charges ................ $262,444 $286,851 $155,271 $155,232 $152,323
Income (loss) from continuing
operations before income taxes,
minority interest, and cumulative
effect of accounting changes ....... $(37,616) $ 379,442 $ 49,240 $ 1,352 $ (42,113)
Undistributed (earnings) losses of less
than 50% owned entities, net of
distributions received ............ (5,104) (6,211) (8,695) 2,435 8,039
Total fixed charges ................ 262,444 286,851 155,271 155,232 152,323
Less: Interest capitalized ........... — (28) (391) (3,937) (1,945)
Guarantee of interest on ESOP
debt ........................ — (905) (3,976) (6,405) (8,732)
Total earnings before fixed charges .... $219,724 $659,149 $191,449 $148,677 $107,572
Ratio of earnings to fixed charges ..... — 2.30 1.23 — —
Excess of fixed charges over earnings
before fixed charges ............. $ 42,720 $ — $ — $ 6,555 $ 44,751
(a) Interest expense for operating leases with terms of one year or longer is based on an imputed
interest rate for each lease.