EXHIBIT 12 R. R. DONNELLEY & SONS COMPANY ---------------- STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS) SIX MONTHS ENDED JUNE 30, 1994 ---------------- Earnings Earnings before income taxes................................. $148,727 Interest expense............................................. 24,199 Interest component of operating leases....................... 10,133(1) Amortization of capitalized interest......................... 3,120 -------- Earnings available for fixed charges......................... $186,179 ======== Fixed Charges Interest expense............................................. $ 24,199 Capitalized interest......................................... 4,700 -------- Interest incurred............................................ 28,899 Interest component of operating leases....................... 10,133(1) -------- Total fixed charges.......................................... $ 39,032 ======== Ratio of Earnings to Fixed Charges........................... 4.77(2) ======== - - -------- (1) Management estimates one-third of current year operating lease payments to be the interest factor of such rentals. (2) On a rolling twelve month basis, the ratio of earnings to fixed charges was 6.03.