Exhibit 12
RR Donnelley & Sons Company
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
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| Years ended December 31, | |||||||||||||||||||||
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| 2013 |
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| 2012 |
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| 2011 |
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| 2010 |
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| 2009 | |||||||||
Earnings (loss) available for fixed charges: |
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Earnings (loss) from continuing operations before income taxes and noncontrolling interests |
| $ | 209.0 |
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| $ | (640.0 | ) |
| $ | (237.4 | ) |
| $ | 323.0 |
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| $ | 93.1 | ||||
Less: Equity income (loss) of minority-owned companies included in earnings (loss) from continuing operations before income taxes and noncontrolling interests |
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| 0.1 |
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| 0.2 |
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| (1.1) |
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| (0.2 | ) |
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| 0.3 | ||||
Less: Income (loss) attributable to noncontrolling interests |
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| 7.0 |
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| (2.2 | ) |
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| 1.5 |
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| (4.6 | ) |
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| 5.9 | ||||
Add: Fixed charges before capitalized interest |
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| 322.2 |
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| 314.4 |
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| 307.4 |
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| 292.7 |
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| 305.6 | ||||
Add: Amortization of capitalized interest |
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| 3.4 |
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| 3.4 |
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| 3.5 |
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| 3.8 |
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| 4.3 | ||||
Total earnings (loss)available for fixed charges |
| $ | 527.5 |
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| $ | (320.2 | ) |
| $ | 73.1 |
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| $ | 624.3 |
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| $ | 396.8 | ||||
Fixed charges: |
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Interest expense |
| $ | 272.9 |
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| $ | 267.0 |
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| $ | 257.0 |
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| $ | 222.6 |
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| $ | 234.6 | ||||
Interest portion of rental expense |
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| 49.3 |
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| 47.4 |
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| 50.4 |
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| 70.1 |
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| 71.0 | ||||
Total fixed charges before capitalized interest |
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| 322.2 |
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| 314.4 |
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| 307.4 |
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| 292.7 |
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| 305.6 | ||||
Capitalized interest |
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| 3.1 |
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| 4.1 |
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| 2.9 |
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| 1.9 |
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| 1.7 | ||||
Total fixed charges |
| $ | 325.3 |
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| $ | 318.5 |
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| $ | 310.3 |
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| $ | 294.6 |
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| $ | 307.3 | ||||
Ratio of earnings (loss) to fixed charges (a) |
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| 1.62 |
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| (1.01 | ) |
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| 0.24 |
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| 2.12 |
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| 1.29 |
(a) | In 2012 and 2011 earnings (loss) were inadequate to cover fixed charges by $638.7 million and $237.2 million, respectively, due to certain charges in each year. |