##### 





Exhibit 12.1  CLARCOR
    Inc.
  Statement
    Re: Computation of Ratios
 (Dollars
    in Thousands except Per Share Data)
  Fiscal Years Ended (A)2007


2006


2005


2004


2003


2002


2001


2000


1999


1998


1997Return on Beginning AssetsNet Earnings

$
90,659


$
82,710


$
76,393


$
63,997


$
54,552


$
46,601


$
41,893


$
40,237


$
35,412


$
32,079


$
26,918Divided by Beginning Assets


727,516



675,272



627,797



538,237



546,119



530,617



501,930



472,991



305,766



282,519



267,019Equals Return on Beginning Assets


12.5
%


12.2
%


12.2
%


11.9
%


10.0
%


8.8
%


8.3
%


8.5
%


11.6
%


11.4
%


10.1
%Return on Beginning Shareholders EquityNet Earnings

$
90,659


$
82,710


$
76,393


$
63,997


$
54,552


$
46,601


$
41,893


$
40,237


$
35,412


$
32,079


$
26,918Divided by Beginning Shareholders Equity


537,509



482,833



428,462



370,392



315,461



274,261



242,093



210,718



186,807



171,162



154,681Equals Return on Beginning Shareholders Equity


16.9
%


17.1
%


17.8
%


17.3
%


17.3
%


17.0
%


17.3
%


19.1
%


19.0
%


18.7
%


17.4
%Dividend Payout to Net EarningsDividends Paid

$
15,024


$
14,203


$
13,385


$
12,834


$
12,406


$
11,975


$
11,575


$
11,207


$
10,814


$
10,717


$
10,290Divided by Net Earnings


90,659



82,710



76,393



63,997



54,552



46,601



41,893



40,237



35,412



32,079



26,918Equals Dividend Payout to Net Earnings


16.6
%


17.2
%


17.5
%


20.1
%


22.7
%


25.7
%


27.6
%


27.9
%


30.5
%


33.4
%


38.2
%Debt to CapitalizationCurrent Debt

$
94


$
58


$
233


$
420


$
674


$
68,456


$
5,579


$
5,482


$
5,440


$
470


$
1,140Long Term Debt


17,329



15,946



16,009



24,130



16,913



22,648



135,203



141,486



145,981



36,419



37,656Total Debt

$
17,423


$
16,004


$
16,242


$
24,550


$
17,587


$
91,104


$
140,782


$
146,968


$
151,421


$
36,889


$
38,796Ending Shareholders Equity


555,730



537,509



482,833



428,462



370,392



315,461



274,261



242,093



210,718



186,807



171,162Equals Capitalization

$
573,153


$
553,513


$
499,075


$
453,012


$
387,979


$
406,565


$
415,043


$
389,061


$
362,139


$
223,696


$
209,958Debt

$
17,423


$
16,004


$
16,242


$
24,550


$
17,587


$
91,104


$
140,782


$
146,968


$
151,421


$
36,889


$
38,796Divided by Capitalization


573,153



553,513



499,075



453,012



387,979



406,565



415,043



389,061



362,139



223,696



209,958Equals Debt to Capitalization


3.0
%


2.9
%


3.3
%


5.4
%


4.5
%


22.4
%


33.9
%


37.8
%


41.8
%


16.5
%


18.5
%Working CapitalCurrent Assets

$
371,920


$
380,340


$
324,933


$
303,990


$
257,402


$
259,746


$
244,350


$
230,479


$
227,670


$
168,173


$
160,527Less Current Liabilities


114,171



118,428



121,470



126,272



111,373



174,255



94,931



97,826



97,475



61,183



54,237Equals Working Capital

$
257,749


$
261,912


$
203,463


$
177,718


$
146,029


$
85,491


$
149,419


$
132,653


$
130,195


$
106,990


$
106,290Current RatioCurrent Assets

$
371,920


$
380,340


$
324,933


$
303,990


$
257,402


$
259,746


$
244,350


$
230,479


$
227,670


$
168,173


$
160,527Divided by Current Liabilities


114,171



118,428



121,470



126,272



111,373



174,255



94,931



97,826



97,475



61,183



54,237Equals Current Ratio


3.3



3.2



2.7



2.4



2.3



1.5



2.6



2.4



2.3



2.7



3.0     (A)
    
    Calculation of Certain
    Items Presented in the
    11-Year
    Financial Review Filed with
    Form 10-K
    for Fiscal Year Ended 12/1/07