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EXHIBIT 12
R.R. Donnelley & Sons Company
Ratio of Earnings to Fixed Charges
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Period Ending
30-Jun-00
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(in thousands
except
ratios)
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Earnings available for fixed charges:
Earnings from continuing operations before income taxes........................ $167,546
Add: Equity losses of minority-owned companies................................. 1,302
Add: Dividends received from investees under the equity method................. 60
Add: Minority interest expense in majority-owned subsidiaries.................. 98
Add: Fixed charges before capitalized interest................................. 55,486
Add: Amortization of capitalized interest...................................... 4,045
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Total earnings available for fixed charges.................................. $228,537
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Fixed charges:
Interest expense............................................................... $ 47,101
Interest portion of rental expense............................................. 8,070
Amortization of discount and capitalized expenses related to indebtedness...... 315
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Total fixed charges before capitalized interest................................ 55,486
Capitalized interest........................................................... 3,000
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Total fixed charges......................................................... $ 58,486
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Ratio of earnings to fixed charges................................................ 3.91
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