EXHIBIT 12
R.R. DONNELLEY & SONS COMPANY
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STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31, 1994
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Earnings
Earnings before income taxes.............................. $62,935
Interest expense.......................................... 11,728
One-third of the Company's operating leases (see note
below)................................................... 5,067
Amortization of capitalized interest...................... 1,560
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Earnings available for fixed charges...................... $81,290
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Fixed Charges
Interest expense.......................................... $11,728
Capitalized interest...................................... 2,000
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Interest incurred......................................... 13,728
One-third of the Company's operating leases (see note
below)................................................... 5,067
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Total fixed charges....................................... $18,795
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Ratio of Earnings to Fixed Charges........................ 4.33
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Note: Management estimates one-third of current year operating lease payments
to be the interest factor of such rentals.