Exhibit 12
R.R. Donnelley & Sons Company
Ratio of Earnings to Fixed Charges
(In thousands except ratios) Three Months Ending
31-March-01
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Earnings available for fixed charges:
Earnings (loss) before income taxes $ 23,585
Less: Equity earnings of minority-owned companies 753
Add: Dividends received from investees under the
equity method 0
Add: Minority interest expense in majority-owned
subsidiaries 85
Add: Fixed charges before capitalized interest 22,075
Add: Amortization of capitalized interest 1,936
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Total earnings available for fixed charges $ 48,434
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Fixed charges:
Interest expense 17,624
Interest portion of rental expense 4,391
Amortization of discount related to indebtedness 60
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Total fixed charges before capitalized interest 22,075
Capitalized interest 1,200
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Total fixed charges $ 23,275
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Ratio of earnings to fixed charges 2.08
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