RR Donnelley & Sons (RRD) 10-K 2002 FY Annual report

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands except ratios)

	Twelve Months Ending December 31, 2002			Twelve Months Ending December 31, 2001		Twelve Months Ending December 31, 2000
Earnings available for fixed charges:
Earnings before income taxes	$	175,733		$	74,894	$	433,984
Less/Add:  Equity (income) loss of minority-owned companies		(5,586	)		971		3,122
Add:  Dividends received from investees under the equity method		81			831		1,763
Less/Add:  Minority interest (income) loss in majority-owned subsidiaries		(656	)		59		208
Add:  Fixed charges before capitalized interest		81,291			90,340		108,493
Add:  Amortization of capitalized interest		7,207			7,509		7,735
Total earnings available for fixed charges	$	258,070		$	174,604	$	555,305
Fixed charges:
Interest expense	$	62,818		$	71,183	$	89,639
Interest portion of rental expense		17,975			18,907		18,393
Amortization of discount related to indebtedness		498			250		461
Total fixed charges before capitalized interest		81,291			90,340		108,493
Capitalized interest		5,300			3,070		4,554
Total fixed charges	$	86,591		$	93,410	$	113,047
Ratio of earnings to fixed charges		2.98			1.87		4.91