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The McClatchy Company
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
(in thousands, except ratio data)
| Year Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 30, 2012 | December 25, 2011 | December 26, 2010 | December 27, 2009 | December 28, 2008 | |||||||||||
Fixed Charge Computation | ||||||||||||||||
Interest expenses: | ||||||||||||||||
Net interest expense | $ | 151,334 | $ | 165,434 | $ | 177,641 | $ | 127,276 | $ | 157,385 | ||||||
Plus: Capitalized interest | 748 | 193 | 101 | 200 | 192 | |||||||||||
Gross interest | 152,082 | 165,627 | 177,742 | 127,476 | 157,577 | |||||||||||
Interest on unrecognized tax benefits | 11,689 | 5,960 | (1,632 | ) | (920 | ) | (9,478 | ) | ||||||||
Amortization of debt discount | (9,821 | ) | (11,092 | ) | (11,327 | ) | (7,442 | ) | (4,911 | ) | ||||||
Interest component of rent expense | 5,666 | 4,509 | 5,021 | 5,501 | 6,098 | |||||||||||
Total fixed charges | $ | 159,616 | $ | 165,004 | $ | 169,804 | $ | 124,615 | $ | 149,286 | ||||||
Earnings Computation | ||||||||||||||||
Income from continuing operations before income taxes | $ | (21,526 | ) | $ | 62,785 | $ | 38,701 | $ | 83,561 | $ | 22,085 | |||||
(Earnings) losses of equity investments(1) | (31,935 | ) | (27,762 | ) | (11,752 | ) | (2,130 | ) | 14,021 | |||||||
Impairment related charge recorded by equity investee(2) | – | – | 2,947 | 2,022 | 16,947 | |||||||||||
Interest on unrecognized tax benefits | (11,689 | ) | (5,960 | ) | 1,632 | 920 | 9,478 | |||||||||
Distributed income of equity investees | 38,600 | 31,625 | 24,274 | 1,135 | 1,740 | |||||||||||
Add: Fixed charges | 159,616 | 165,004 | 169,804 | 124,615 | 149,286 | |||||||||||
Less: Capitalized interest | (748 | ) | (193 | ) | (101 | ) | (200 | ) | (192 | ) | ||||||
Total earnings as adjusted | $ | 132,318 | $ | 225,498 | $ | 225,505 | $ | 209,923 | $ | 213,365 | ||||||
Ratio Of Earnings to Fixed Charges | 0.83 | 1.37 | 1.33 | 1.68 | 1.43 |
- (1)
- The earnings from equity investments in 2012 includes the Company's portion (approximately $7 million) of an impairment related charge that was recoreded by an equity investee.
- (2)
- Reflects the Company's portion of loss related to an impairment and recorded in "Write-down of investments and land held for sale" in the Consolidated Statement of Income.
The McClatchy Company COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO (in thousands, except ratio data)