Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
In millions of dollars
| Quarter | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| 3/29/2015 | 12/28/2014 | 12/29/2013 | 12/30/2012 | 12/25/2011 | 12/26/2010 | |||||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||||||
Income from operations, before income taxes, as reported | $ | 188 | $ | 1,356 | $ | 559 | $ | 670 | $ | 653 | $ | 846 | ||||||||||||
Add: Noncontrolling interest and income from unconsolidated equity investees | (5 | ) | (166 | ) | (46 | ) | (24 | ) | (11 | ) | (17 | ) | ||||||||||||
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Income from operations, before income taxes, as adjusted | 183 | 1,190 | 513 | 646 | 642 | 829 | ||||||||||||||||||
Add: Fixed charges | 76 | 293 | 195 | 171 | 196 | 205 | ||||||||||||||||||
Add: Amortization of capitalized interest | — | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Add: Distributed income of equity investees | 9 | 186 | 54 | 39 | 44 | 51 | ||||||||||||||||||
Less: Interest capitalized | — | — | — | — | — | (1 | ) | |||||||||||||||||
Less: Preferred returns | — | (1 | ) | (1 | ) | (1 | ) | (2 | ) | (7 | ) | |||||||||||||
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Total earnings available for fixed charges | $ | 268 | $ | 1,670 | $ | 763 | $ | 857 | $ | 882 | $ | 1,079 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest on indebtedness, net of capitalized interest | $ | 71 | $ | 273 | $ | 176 | $ | 150 | $ | 173 | $ | 173 | ||||||||||||
Capitalized interest | — | — | — | — | — | 1 | ||||||||||||||||||
Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries | — | 1 | 1 | 1 | 2 | 7 | ||||||||||||||||||
Portion of rents representative of interest factor | 5 | 19 | 18 | 20 | 21 | 24 | ||||||||||||||||||
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Total fixed charges | $ | 76 | $ | 293 | $ | 195 | $ | 171 | $ | 196 | $ | 205 | ||||||||||||
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Ratio of earnings to fixed charges (A) (B) | 3.5 | 5.7 | 3.9 | 5.0 | 4.5 | 5.3 | ||||||||||||||||||
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| (A) | Interest expense related to unrecognized tax benefits is recorded as a component of income tax expense and is excluded from both fixed charges and pretax income. |
| (B) | This ratio reflects TEGNA’s earnings and fixed charges when it included the operations of Gannett SpinCo, which TEGNA distributed 98.5% on June 29, 2015. Had TEGNA removed the discontinued operations of Gannett SpinCo from the amounts presented above, the ratio of earnings to fixed charges would be 2.7 for the quarter ended March 29, 2015 and 4.5, 1.7 and 2.5 for the fiscal years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. |
