##### 



Exhibit 12

Paper Warehouse, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
for the Five Years Ended January 31, 2003

|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |        |        |   |       |       |       |  
|------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | --------------------------------------------------------------------------------- | --- | ------ | ----------- | - | ------ | ----------- | ------ | - | ----------- | ----- | ----- | ----------- | ------ | ------ | ------ | - | ----- | ----- | ----- | -
|($'s in thousands)                                                                                            |                                             | Fiscal Year Ended                                                                 |    
|                                                                                                              |                                             |                                                                                   |    
|                                                                                                              |                                             | January 31,                                                                       |     |        | February 1, |   |        | February 2, |        |   | January 28, |       |       | January 29, |       
|Ratio of Earnings to Fixed Charges:                                                                           |                                             | 2003                                                                              |     |        | 2002        |   |        | 2001        |        |   | 2000        |       |       | 1999        |       
|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |       
|Earnings:                                                                                                     |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |        |        |   |       |      
|                                                                                                              | Consolidated net (loss) earnings            |                                                                                   | $   | (4,158 | )           |   | $      | (9,801      | )      |   | $           | (434  | )     |             | $      | (4,448 | )      |   | $     | (521  | )    
|                                                                                                              | Extraordinary charge, net                   |                                                                                   |     |       |             |   |        |            |        |   |             |      |       |             |        |       |        |   |       |      |      
|                                                                                                              | Cumulative effect of accounting change, net |                                                                                   |     |       |             |   |        |            |        |   |             |      |       |             |        | 108    |        |   |       |      |      
|                                                                                                              | Income taxes                                |                                                                                   |     |       |             |   |        | 3,733       |        |   |             | (295  | )     |             |        | (2,970 | )      |   |       | (323  | )    
|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |       
|                                                                                                              |                                             | Total loss before extraordinary charge
and cumulative effect of accounting change |     |        | (4,158      | ) |        |             | (6,068 | ) |             |       | (729  | )           |        |        | (7,310 | ) |       |       | (844  | )
|Fixed Charges:                                                                                                |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |        |        |   |       |      
|                                                                                                              | Interest expense                            |                                                                                   |     | 1,452  |             |   |        | 1,433       |        |   |             | 1,670 |       |             |        | 1,182  |        |   |       | 279   |      
|                                                                                                              | Interest portion of rental expense          |                                                                                   |     | 3,017  |             |   |        | 3,435       |        |   |             | 3,386 |       |             |        | 3,281  |        |   |       | 2,378 |      
|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |       
|                                                                                                              |                                             | Total fixed charges                                                               |     |        | 4,469       |   |        |             | 4,868  |   |             |       | 5,056 |             |        |        | 4,463  |   |       |       | 2,657 |  
|Earnings available for fixed charges                                                                          |                                             | $                                                                                 | 311 |        |             | $ | (1,200 | )           |        | $ | 4,327       |       |       | $           | (2,847 | )      |        | $ | 1,813 |      
|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |       
|Ratio of earnings before extraordinary charge and cumulative
effect of accounting change to fixed charges (1) |                                             |                                                                                   |    |        |             |   |       |             |        |   |            |       |       |             |       |        |        |   |      |      
|                                                                                                              |                                             |                                                                                   |     |        |             |   |        |             |        |   |             |       |       |             |        |       

For the fiscal years ended January 31, 2003, February 1, 2002, February 2, 2001,
January 28, 2000 and January 29, 1999 earnings, were not adequate to cover
fixed charges by approximately $4.2 million, $6.1 million, $729,000, $7.3 million,
and $844,000, respectively.