EXHIBIT 12 R.R. Donnelley & Sons Company Ratio of Earnings to Fixed Charges Six Months Ending Three Months Ending 30-Jun-99 31-Mar-99 ----------------- ------------------- (in thousands except ratios) Earnings available for fixed charges: Earnings (loss) before income taxes.... $156,857 $71,512 Less: Equity earnings of minority-owned companies............................. (1,268) 809 Add: Dividends received from investees under the equity method............... 1,093 0 Add: Minority interest expense in majority-owned subsidiaries........... (407) (196) Add: Fixed charges before capitalized interest.............................. 52,263 24,206 Add: Amortization of capitalized interest.............................. 4,239 2,119 -------- ------- Total earnings available for fixed charges............................. 212,777 98,450 ======== ======= Fixed charges: Interest expense....................... 43,621 19,896 Interest portion of rental expense..... 8,290 4,145 Amortization of discount and capitalized expenses related to indebtedness.......................... 352 165 -------- ------- Total fixed charges before capitalized interest.............................. 52,263 24,206 Capitalized interest................... 3,250 1,750 -------- ------- Total fixed charges.................. $ 55,513 $25,956 ======== ======= Ratio of earnings to fixed charges....... 3.83 3.79 ======== =======