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Exhibit 12.1

Penthouse International, Inc.
Computation of Ratio of Earning to Fixed Charges
Year Ended December 31,

|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |           |  
|------------------------------------------------------------- | ---------------------------------- | - | ----------- | --------- | ---- | - | ---------- | --------- | ---- | - | ---------- | --------- | - | - | ------------ | --------- | - | - | --------- | --------- | -
|                                                              |                                    |   | 1998        |           | 1999 |   | 2000       |           | 2001 |   | 2002      
|                                                              |                                    |   |             |           |      |   |            |           |      |   |           
|Income (loss) from continuing operations,
before income taxes |                                    |   | ($3,879,000 | )         |      | $ | 22,606,000 |           |      | $ | 5,467,000  |           |   |   | ($9,966,000  | )         |   | $ | 1,170,000 |          
|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|Adjustments to income (loss)                                  |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|                                                              | Interest expense                   |   |             | 9,918,000 |      |   |            | 7,969,000 |      |   |            | 6,865,000 |   |   |              | 8,003,000 |   |   |           | 7,258,000 |  
|                                                              | Interest income                    |   |             | (517,000  | )    |   |            | (762,000  | )    |   |            | (495,000  | ) |   |              | (289,000  | ) |   |           | (67,000   | )
|                                                              | Interest
expense in rental charges |   |             | 757,000   |      |   |            | 615,000   |      |   |            | 594,000   |   |   |              | 594,000   |   |   |           | 654,000   |  
|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|Adjusted income (loss)                                        |                                    | $ | 6,279,000   |           |      | $ | 30,428,000 |           |      | $ | 12,431,000 |           |   |   | ($1,658,000  | )         |   | $ | 9,015,000 |          
|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|Fixed charges                                                 |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|                                                              | Interest expense                   |   | $           | 9,918,000 |      |   | $          | 7,969,000 |      |   | $          | 6,865,000 |   |   | $            | 8,003,000 |   |   | $         | 7,258,000 |  
|                                                              | Interest
expense in rental charges |   |             | 757,000   |      |   |            | 615,000   |      |   |            | 594,000   |   |   |              | 594,000   |   |   |           | 654,000   |  
|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|Total fixed charges                                           |                                    | $ | 10,675,000  |           |      | $ | 8,584,000  |           |      | $ | 7,459,000  |           |   | $ | 8,597,000    |           |   | $ | 7,912,000 |          
|                                                              |                                    |   |             |           |      |   |            |           |      |   |            |           |   |   |              |           |   |   |           |          
|Earnings insufficient to cover fixed charges                  |                                    |   | ($4,396,000 | )         |      |   |            |           |      |   |            |           |   |   | ($10,255,000 | )         |   |   |           |          
|Ratio of earnings to fixed charges                            |                                    |   | (b)         |           |      |   | 3.5        |           |      |   | 1.7        |           |   |   | (b)          |           |   |   | 1.1       |          



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|(b) |  | For 1998 and 2001 earnings were insufficient to cover fixed charges.
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