**EXHIBIT 12**

 

**JOSTENS, INC. AND SUBSIDIARIES**

**COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)**

 
|                                                                                           |   |                           |    |                           |   | **For the  Periods**   |   |
|------------------------------------------------------------------------------------------------|--------|--------------------------------|---------|--------------------------------|--------|------------------------|--------|
|                                                                                           |   | **Three  Months Ended**        |    | **Post-Merger**                |   | **Pre-Merger**         |   |
| **Dollars in thousands**                                                                       |   | **Post-Merger  April 3, 2004** |    | **Pre-Merger  March 29, 2003** |   | **Five  Months  2003** |   | **Seven  Months  2003** |   | **2002** |   | **2001** |   | **2000** |   | **1999** |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| **Earnings**                                                                                   |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) income from continuing operations before income taxes                                   |   | $                              | (22,169 | )                              | $      | (14,619                | )      | $ | (51,357 | ) | $ | 11,750 |   | $ | 64,483 |   | $ | 45,115 |   | $ | 5,532 |   | $ | 75,704 |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense  (excluding capitalized interest)                                             |   | 15,868                         |    | 13,989                         |   | 28,621                 |   | 32,528 |   | 68,435 |   | 79,035 |   | 60,252 |   | 7,486 |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Portion of rent expense under long-term operating leases representative  of an interest factor |   | 391                            |    | 1,053                          |   | 576                    |   | 799 |   | 1,312 |   | 1,164 |   | 1,121 |   | 1,483 |   |
| Total earnings                                                                                 |   | $                              | (5,910  | )                              | $      | 423                    |   | $ | (22,160 | ) | $ | 45,077 |   | $ | 134,230 |   | $ | 125,314 |   | $ | 66,905 |   | $ | 84,673 |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| **Fixed charges**                                                                              |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense  (including capitalized interest)                                             |   | $                              | 15,868  |                           | $      | 13,989                 |   | $ | 28,621 |   | $ | 32,528 |   | $ | 68,435 |   | $ | 79,035 |   | $ | 60,252 |   | $ | 7,887 |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Portion of rent expense under long-term operating leases  representative of an interest factor |   | 391                            |    | 1,053                          |   | 576                    |   | 799 |   | 1,312 |   | 1,164 |   | 1,121 |   | 1,483 |   |
| Total fixed charges                                                                            |   | $                              | 16,259  |                           | $      | 15,042                 |   | $ | 29,197 |   | $ | 33,327 |   | $ | 69,747 |   | $ | 80,199 |   | $ | 61,373 |   | $ | 9,370 |   |
|                                                                                           |   |                           |    |                           |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio of earnings to fixed charges**                                                         |   | —                         | (3)     | —                         | (2)    | —                 | (1)    | 1.4 |   | 1.9 |   | 1.6 |   | 1.1 |   | 9.0 |   |

 

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(1)   For the post-merger five month period in2003, earnings did not cover fixed charges by $51.4 million.

(2)   For the three months ended March 29, 2003,earnings did not cover fixed charges by $14.6 million.

(3)   For the three months ended April 3, 2004,earnings did not cover fixed charges by $22.2 million.

 

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