Exhibit 12.1 CLARCOR Inc. Statement Regarding Computation of Certain Ratios (Dollars in Thousands except Per Share Data)  Fiscal Years Ended (A)2009

          

          2008

          

          2007

          

          2006

          

          2005

          

          2004

          

          2003

          

          2002

          

          2001

          

          2000

          

          1999Return on Beginning AssetsNet Earnings

          

          $

          71,543

          

          

          $

          95,654

          

          

          $

          90,659

          

          

          $

          82,710

          

          

          $

          76,393

          

          

          $

          63,997

          

          

          $

          54,552

          

          

          $

          46,601

          

          

          $

          41,893

          

          

          $

          40,237

          

          

          $

          35,412Divided by Beginning Assets

          

          

          957,882

          

          

          

          739,135

          

          

          

          727,516

          

          

          

          675,272

          

          

          

          627,797

          

          

          

          538,237

          

          

          

          546,119

          

          

          

          530,617

          

          

          

          501,930

          

          

          

          472,991

          

          

          

          305,766Equals Return on Beginning Assets

          

          

          7.5

          %

          

          

          12.9

          %

          

          

          12.5

          %

          

          

          12.2

          %

          

          

          12.2

          %

          

          

          11.9

          %

          

          

          10.0

          %

          

          

          8.8

          %

          

          

          8.3

          %

          

          

          8.5

          %

          

          

          11.6

          %Return on Beginning Shareholders EquityNet Earnings

          

          $

          71,543

          

          

          $

          95,654

          

          

          $

          90,659

          

          

          $

          82,710

          

          

          $

          76,393

          

          

          $

          63,997

          

          

          $

          54,552

          

          

          $

          46,601

          

          

          $

          41,893

          

          

          $

          40,237

          

          

          $

          35,412Divided by Beginning Shareholders Equity

          

          

          651,759

          

          

          

          555,730

          

          

          

          537,509

          

          

          

          482,833

          

          

          

          428,462

          

          

          

          370,392

          

          

          

          315,461

          

          

          

          274,261

          

          

          

          242,093

          

          

          

          210,718

          

          

          

          186,807Equals Return on Beginning Shareholders Equity

          

          

          11.0

          %

          

          

          17.2

          %

          

          

          16.9

          %

          

          

          17.1

          %

          

          

          17.8

          %

          

          

          17.3

          %

          

          

          17.3

          %

          

          

          17.0

          %

          

          

          17.3

          %

          

          

          19.1

          %

          

          

          19.0

          %Dividend Payout to Net EarningsDividends Paid

          

          $

          18,682

          

          

          $

          16,845

          

          

          $

          15,024

          

          

          $

          14,203

          

          

          $

          13,385

          

          

          $

          12,834

          

          

          $

          12,406

          

          

          $

          11,975

          

          

          $

          11,575

          

          

          $

          11,207

          

          

          $

          10,814Divided by Net Earnings

          

          

          71,543

          

          

          

          95,654

          

          

          

          90,659

          

          

          

          82,710

          

          

          

          76,393

          

          

          

          63,997

          

          

          

          54,552

          

          

          

          46,601

          

          

          

          41,893

          

          

          

          40,237

          

          

          

          35,412Equals Dividend Payout to Net Earnings

          

          

          26.1

          %

          

          

          17.6

          %

          

          

          16.6

          %

          

          

          17.2

          %

          

          

          17.5

          %

          

          

          20.1

          %

          

          

          22.7

          %

          

          

          25.7

          %

          

          

          27.6

          %

          

          

          27.9

          %

          

          

          30.5

          %Debt to CapitalizationCurrent Debt

          

          $

          99

          

          

          $

          128

          

          

          $

          94

          

          

          $

          58

          

          

          $

          233

          

          

          $

          420

          

          

          $

          674

          

          

          $

          68,456

          

          

          $

          5,579

          

          

          $

          5,482

          

          

          $

          5,440Long Term Debt

          

          

          52,096

          

          

          

          83,822

          

          

          

          17,329

          

          

          

          15,946

          

          

          

          16,009

          

          

          

          24,130

          

          

          

          16,913

          

          

          

          22,648

          

          

          

          135,203

          

          

          

          141,486

          

          

          

          145,981Total Debt

          

          $

          52,195

          

          

          $

          83,950

          

          

          $

          17,423

          

          

          $

          16,004

          

          

          $

          16,242

          

          

          $

          24,550

          

          

          $

          17,587

          

          

          $

          91,104

          

          

          $

          140,782

          

          

          $

          146,968

          

          

          $

          151,421Ending Shareholders Equity

          

          

          686,619

          

          

          

          651,759

          

          

          

          555,730

          

          

          

          537,509

          

          

          

          482,833

          

          

          

          428,462

          

          

          

          370,392

          

          

          

          315,461

          

          

          

          274,261

          

          

          

          242,093

          

          

          

          210,718Equals Capitalization

          

          $

          738,814

          

          

          $

          735,709

          

          

          $

          573,153

          

          

          $

          553,513

          

          

          $

          499,075

          

          

          $

          453,012

          

          

          $

          387,979

          

          

          $

          406,565

          

          

          $

          415,043

          

          

          $

          389,061

          

          

          $

          362,139Debt

          

          $

          52,195

          

          

          $

          83,950

          

          

          $

          17,423

          

          

          $

          16,004

          

          

          $

          16,242

          

          

          $

          24,550

          

          

          $

          17,587

          

          

          $

          91,104

          

          

          $

          140,782

          

          

          $

          146,968

          

          

          $

          151,421Divided by Capitalization

          

          

          738,814

          

          

          

          735,709

          

          

          

          573,153

          

          

          

          553,513

          

          

          

          499,075

          

          

          

          453,012

          

          

          

          387,979

          

          

          

          406,565

          

          

          

          415,043

          

          

          

          389,061

          

          

          

          362,139Equals Debt to Capitalization

          

          

          7.1

          %

          

          

          11.4

          %

          

          

          3.0

          %

          

          

          2.9

          %

          

          

          3.3

          %

          

          

          5.4

          %

          

          

          4.5

          %

          

          

          22.4

          %

          

          

          33.9

          %

          

          

          37.8

          %

          

          

          41.8

          %Working CapitalCurrent Assets

          

          $

          448,528

          

          

          $

          432,571

          

          

          $

          371,920

          

          

          $

          380,340

          

          

          $

          324,933

          

          

          $

          303,990

          

          

          $

          257,402

          

          

          $

          259,746

          

          

          $

          244,350

          

          

          $

          230,479

          

          

          $

          227,670Less Current Liabilities

          

          

          131,942

          

          

          

          143,503

          

          

          

          114,171

          

          

          

          118,428

          

          

          

          121,470

          

          

          

          126,272

          

          

          

          111,373

          

          

          

          174,255

          

          

          

          94,931

          

          

          

          97,826

          

          

          

          97,475Equals Working Capital

          

          $

          316,586

          

          

          $

          289,068

          

          

          $

          257,749

          

          

          $

          261,912

          

          

          $

          203,463

          

          

          $

          177,718

          

          

          $

          146,029

          

          

          $

          85,491

          

          

          $

          149,419

          

          

          $

          132,653

          

          

          $

          130,195Current RatioCurrent Assets

          

          $

          448,528

          

          

          $

          432,571

          

          

          $

          371,920

          

          

          $

          380,340

          

          

          $

          324,933

          

          

          $

          303,990

          

          

          $

          257,402

          

          

          $

          259,746

          

          

          $

          244,350

          

          

          $

          230,479

          

          

          $

          227,670Divided by Current Liabilities

          

          

          131,942

          

          

          

          143,503

          

          

          

          114,171

          

          

          

          118,428

          

          

          

          121,470

          

          

          

          126,272

          

          

          

          111,373

          

          

          

          174,255

          

          

          

          94,931

          

          

          

          97,826

          

          

          

          97,475Equals Current Ratio

          

          

          3.4

          

          

          

          3.0

          

          

          

          3.3

          

          

          

          3.2

          

          

          

          2.7

          

          

          

          2.4

          

          

          

          2.3

          

          

          

          1.5

          

          

          

          2.6

          

          

          

          2.4

          

          

          

          2.3
  (A)

          Calculation of Certain Items Presented in the 11-Year Financial Review Filed with Form 10-K for Fiscal Year Ended 11/28/09