##### 



Exhibit 12.1
  CLARCOR
    Inc.
  Statement
    Re Computation of Ratios
 (Dollars
    in Thousands except Per Share Data)
  Fiscal Years Ended (A)2006


2005


2004


2003


2002


2001


2000


1999


1998


1997


1996Return on Beginning AssetsNet Earnings

$
82,710


$
76,393


$
63,997


$
54,552


$
46,601


$
41,893


$
40,237


$
35,412


$
32,079


$
26,918


$
25,945Divided by Beginning Assets


675,272



627,797



538,237



546,119



530,617



501,930



472,991



305,766



282,519



267,019



245,697Equals Return on Beginning Assets


12.2
%


12.2
%


11.9
%


10.0
%


8.8
%


8.3
%


8.5
%


11.6
%


11.4
%


10.1
%


10.6
%Return on Beginning
    Shareholders EquityNet Earnings

$
82,710


$
76,393


$
63,997


$
54,552


$
46,601


$
41,893


$
40,237


$
35,412


$
32,079


$
26,918


$
25,945Divided by Beginning
    Shareholders Equity


482,833



428,462



370,392



315,461



274,261



242,093



210,718



186,807



171,162



154,681



138,144Equals Return on Beginning
    Shareholders Equity


17.1
%


17.8
%


17.3
%


17.3
%


17.0
%


17.3
%


19.1
%


19.0
%


18.7
%


17.4
%


18.8
%Dividend Payout to Net EarningsDividends Paid

$
14,203


$
13,385


$
12,834


$
12,406


$
11,975


$
11,575


$
11,207


$
10,814


$
10,717


$
10,290


$
9,512Divided by Net Earnings


82,710



76,393



63,997



54,552



46,601



41,893



40,237



35,412



32,079



26,918



25,945Equals Dividend Payout to Net
    Earnings


17.2
%


17.5
%


20.1
%


22.7
%


25.7
%


27.6
%


27.9
%


30.5
%


33.4
%


38.2
%


36.7
%Debt to CapitalizationCurrent Debt

$
58


$
233


$
420


$
674


$
68,456


$
5,579


$
5,482


$
5,440


$
470


$
1,140


$
7,625Long Term Debt


15,946



16,009



24,130



16,913



22,648



135,203



141,486



145,981



36,419



37,656



43,449Total Debt

$
16,004


$
16,242


$
24,550


$
17,587


$
91,104


$
140,782


$
146,968


$
151,421


$
36,889


$
38,796


$
51,074Ending Shareholders Equity


537,509



482,833



428,462



370,392



315,461



274,261



242,093



210,718



186,807



171,162



154,681Equals Capitalization

$
553,513


$
499,075


$
453,012


$
387,979


$
406,565


$
415,043


$
389,061


$
362,139


$
223,696


$
209,958


$
205,755Debt

$
16,004


$
16,242


$
24,550


$
17,587


$
91,104


$
140,782


$
146,968


$
151,421


$
36,889


$
38,796


$
51,074Divided by Capitalization


553,513



499,075



453,012



387,979



406,565



415,043



389,061



362,139



223,696



209,958



205,755Equals Debt to Capitalization


2.9
%


3.3
%


5.4
%


4.5
%


22.4
%


33.9
%


37.8
%


41.8
%


16.5
%


18.5
%


24.8
%Working CapitalCurrent Assets

$
380,340


$
324,933


$
303,990


$
257,402


$
259,746


$
244,350


$
230,479


$
227,670


$
168,173


$
160,527


$
140,726Less Current Liabilities


118,428



121,470



126,272



111,373



174,255



94,931



97,826



97,475



61,183



54,237



51,297Equals Working Capital

$
261,912


$
203,463


$
177,718


$
146,029


$
85,491


$
149,419


$
132,653


$
130,195


$
106,990


$
106,290


$
89,429Current RatioCurrent Assets

$
380,340


$
324,933


$
303,990


$
257,402


$
259,746


$
244,350


$
230,479


$
227,670


$
168,173


$
160,527


$
140,726Divided by Current Liabilities


118,428



121,470



126,272



111,373



174,255



94,931



97,826



97,475



61,183



54,237



51,297Equals Current Ratio


3.2



2.7



2.4



2.3



1.5



2.6



2.4



2.3



2.7



3.0



2.7