Exhibit 12.1

RR Donnelley & Sons Company

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

	Three Months Ended			Twelve Months Ended
	March 31, 2004			December 31, 2003		December 31, 2002		December 31, 2001		December 31, 2000		December 31, 1999
Earnings available for fixed charges:
Pretax income (loss) before adjustment for minority interest in consolidated subsidiaries and income (loss) of minority-owned companies	$	(73,919	)	$	205,391	$	169,491	$	75,924	$	437,314	$	505,128
Add: Dividends received from investees under the equity method		—			973		81		831		1,763		2,757
Add: Fixed charges before capitalized interest		26,503			73,923		81,291		90,340		108,493		106,026
Add: Amortization of capitalized interest		1,726			6,985		7,207		7,509		7,735		8,127
Total earnings available for fixed charges	$	(45,690	)	$	287,272	$	258,070	$	174,604	$	555,305	$	622,038
Fixed charges:
Interest expense	$	16,964		$	50,393	$	63,316	$	71,433	$	90,100	$	88,949
Interest portion of rental expense		9,539			23,530		17,975		18,907		18,393		17,077
Total fixed charges before capitalized interest		26,503			73,923		81,291		90,340		108,493		106,026
Capitalized interest		1,200			3,120		5,300		3,070		4,554		5,500
Total fixed charges	$	27,703		$	77,043	$	86,591	$	93,410	$	113,047	$	111,526
Ratio of earnings to fixed charges		—	(a)		3.73		2.98		1.87		4.91		5.58

^(a) For the three months ended March 31, 2004, earnings were insufficient to cover fixed charges by $73,393