Duplainville Transport S-4 Registration of securities issued in business combination transactions

Exhibit 12

Quad/Graphics, Inc.

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Nine Months Ended September 30,						Year Ended December 31,
	2014			2013			2013			2012			2011			2010			2009
Earnings:
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated entities	$	(10.4	)	$	(25.8	)	$	56.7		$	22.5		$	14.9		$	(31.3	)	$	48.3
Add:
Distributed income of unconsolidated entities	—			5.0			5.0			0.5			7.5			4.7			6.0
Fixed charges (see below)	80.2			74.5			99.3			97.0			122.7			105.5			67.1
Amortization of capitalized interest	1.0			1.1			1.4			1.6			1.7			1.7			1.8
Subtract:
Interest capitalized	(0.2		)	(0.5		)	(0.5		)	(0.2		)	(0.4		)	(0.2		)	(0.3		)
Total earnings	$	70.6		$	54.3		$	161.9		$	121.4		$	146.4		$	80.4		$	122.9
Fixed charges:
Interest expense	$	69.5		$	64.1		$	85.5		$	84.0		$	108.0		$	92.9		$	64.1
Interest capitalized	0.2			0.5			0.5			0.2			0.4			0.2			0.3
Amortization of debt issuance costs and original issue discount	3.2			3.1			4.1			4.5			8.6			5.9			—
Estimate of interest included within rental expense (a)	7.3			6.8			9.2			8.3			5.7			6.5			2.7
Total fixed charges	$	80.2		$	74.5		$	99.3		$	97.0		$	122.7		$	105.5		$	67.1
Ratio of earnings to fixed charges (b)	0.9			0.7			1.6			1.3			1.2			0.8			1.8

(a)Interest portion of rental expense is estimated to equal 25% of such expense, which is considered a reasonable approximation of the interest factor.

(b)Earnings were insufficient to cover fixed charges for the nine months ended September 30, 2014 and 2013 by $9.6 million and $20.2 million, respectively, and for the year ended December 31, 2010 by $25.1 million.  Accordingly, the ratio of earnings to fixed charges was less than 1:1.