Exhibit 12
RR Donnelley & Sons Company
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Years ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Earnings available for fixed charges: | |||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes, noncontrolling interests, and cumulative effect of change in accounting principle | $ | 93.1 | $ | (269.3 | ) | $ | 91.4 | $ | 601.3 | $ | 331.8 | $ | 356.8 | ||||||||||
Less: Equity (income) loss of minority-owned companies | (0.3 | ) | — | — | 0.3 | 0.6 | (0.6 | ) | |||||||||||||||
Add: Dividends received from investees under the equity method | — | — | — | — | — | — | |||||||||||||||||
Less: (Income) loss attributable to non-controlling interests | (5.9 | ) | (6.3 | ) | (3.3 | ) | (2.7 | ) | 1.2 | 0.7 | |||||||||||||
Add: Fixed charges before capitalized interest | 305.6 | 299.0 | 299.6 | 183.4 | 149.4 | 119.4 | |||||||||||||||||
Add: Amortization of capitalized interest | 4.3 | 5.0 | 5.5 | 4.2 | 6.1 | 6.8 | |||||||||||||||||
Total earnings available for fixed charges | $ | 396.8 | $ | 28.4 | $ | 393.2 | $ | 786.5 | $ | 489.1 | $ | 483.1 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 234.6 | $ | 226.4 | $ | 227.3 | $ | 139.0 | $ | 110.7 | $ | 85.9 | |||||||||||
Interest portion of rental expense | 71.0 | 72.6 | 72.3 | 44.4 | 38.7 | 33.5 | |||||||||||||||||
Total fixed charges before capitalized interest | 305.6 | 299.0 | 299.6 | 183.4 | 149.4 | 119.4 | |||||||||||||||||
Capitalized interest | 1.7 | 2.5 | 3.4 | 4.7 | 6.0 | 2.2 | |||||||||||||||||
Total fixed charges | $ | 307.3 | $ | 301.5 | $ | 303.0 | $ | 188.1 | $ | 155.4 | $ | 121.6 | |||||||||||
Ratio of earnings to fixed charges | 1.29 | 0.09 | 1.30 | 4.18 | 3.15 | 3.97 | |||||||||||||||||