RR Donnelley & Sons Co – ‘10-K405’ for 12/31/98 – EX-12

As of:  Wednesday, 3/31/99   ·   For:  12/31/98   ·   Accession #:  950131-99-2019   ·   File #:  1-04694

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Annual Report — [x] Reg. S-K Item 405   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K405     Annual Report -- [x] Reg. S-K Item 405                45    250K 
 2: EX-3.(II)(A)  By-Laws                                             19     75K 
 3: EX-3.(II)(B)  Amend. to By-Laws Adopted 1-28-99                    1      7K 
 4: EX-4.(D)    Five-Year Credit Agmt. Dtd. 12-11-1998               112    414K 
 5: EX-4.(E)    364-Day Credit Agmt.                                 112    420K 
 6: EX-12       Comp. of Ratio of Earnings                             1      6K 
 7: EX-21       Subsidiaries                                           2     12K 
 8: EX-23       Consent of Accountants                                 1      7K 
 9: EX-27       Financial Data Schedule                                2      7K 

EX-12   —   Comp. of Ratio of Earnings

EX-12
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                                                                      EXHIBIT 12

                                                                [Download Table]

                                                  1998      1997      1996     
                                                                               
Earnings                                                                       
     Earnings before Income Taxes                 509,305   190,171   (110,480)
     Interest Expense                              78,166    90,765     95,482 
     Interest factor in operating leases (1)       13,999    10,421      7,825 
     Amortization capitalized interest              7,535     7,969      7,354 
                                                  ---------------------------- 

     Earnings available for fixed charges         609,005   299,236        181 

Fixed Charges                                                                  
     interest expense                              78,166    90,765     95,482 
     capitalized interest                           4,996     9,959     11,716 
                                                  ---------------------------- 

     interest incurred                             83,162   100,724    107,198 
     interest factor in operating leases (1)       13,999    10,421      7,825 
                                                  ---------------------------- 

     Total fixed charges                           97,161   111,145    115,023 

Ratio of earnings to fixed charges                   6.27      2.69       0.00 

(1) Management estimates one-third of current year operating lease payments to  
be the interest factor in such rentals.