The New York Times Company (NYT) 10-K 2011 FY Annual report

EXHIBIT 12

The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)

(In thousands, except ratio)	December 25, 2011			December 26, 2010		December 27, 2009			December 28, 2008			December 30, 2007
(Loss)/earnings from continuing operations before fixed charges
(Loss)/earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures	$	(3,746	)	$	158,186	$	(16,892	)	$	(88,981	)	$	146,728
Distributed earning from less than fifty-percent owned affiliates	3,463			8,325		2,775			35,733			7,979
Adjusted pre-tax (loss)/earnings from continuing operations	(283		)	166,511		(14,117		)	(53,248		)	154,707
Fixed charges less capitalized interest	90,457			92,888		88,608			55,038			49,228
Earnings/(loss) from continuing operations before fixed charges	$	90,174		$	259,399	$	74,491		$	1,790		$	203,935
Fixed charges
Interest expense, net of capitalized interest(1)	$	85,693		$	86,301	$	83,124		$	48,191		$	43,228
Capitalized interest	427			299		1,566			2,639			15,821
Portion of rentals representative of interest factor	4,764			6,587		5,484			6,847			6,000
Total fixed charges	$	90,884		$	93,187	$	90,174		$	57,677		$	65,049
Ratio of earnings to fixed charges(2)	—			2.78		—			—			3.14

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K for the fiscal year ended December 25, 2011.

(1) The Company's policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

(2) In 2011, 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $1 million, $16 million and $56 million, respectively, due to certain charges in each year.