EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)
| For the Quarter Ended March 25, 2012 | For the Years Ended | |||||||||||||||||||||||
| (In thousands, except ratio) | December 25, 2011 | December 26, 2010 | December 27, 2009 | December 28, 2008 | December 30, 2007 | |||||||||||||||||||
| Earnings/(loss) from continuing operations before fixed charges | ||||||||||||||||||||||||
| Income/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures | $ | 17,112 | $ | 123,434 | $ | 130,881 | $ | (46,410 | ) | $ | (143,150 | ) | $ | 48,042 | ||||||||||
| Distributed earnings from less than fifty-percent owned affiliates | 3,388 | 3,463 | 8,325 | 2,775 | 35,733 | 7,979 | ||||||||||||||||||
| Adjusted pre-tax earnings/(loss) from continuing operations | 20,500 | 126,897 | 139,206 | (43,635 | ) | (107,417 | ) | 56,021 | ||||||||||||||||
| Fixed charges less capitalized interest | 16,663 | 90,278 | 92,357 | 88,096 | 53,833 | 48,111 | ||||||||||||||||||
| Earnings/(loss) from continuing operations before fixed charges | $ | 37,163 | $ | 217,175 | $ | 231,563 | $ | 44,461 | $ | (53,584 | ) | $ | 104,132 | |||||||||||
| Fixed charges | ||||||||||||||||||||||||
Interest expense, net of capitalized interest(1) | $ | 15,514 | $ | 85,693 | $ | 86,301 | $ | 83,124 | $ | 48,191 | $ | 43,228 | ||||||||||||
| Capitalized interest | 7 | 427 | 299 | 1,566 | 2,639 | 15,821 | ||||||||||||||||||
| Portion of rentals representative of interest factor | 1,149 | 4,585 | 6,056 | 4,972 | 5,642 | 4,883 | ||||||||||||||||||
| Total fixed charges | $ | 16,670 | $ | 90,705 | $ | 92,656 | $ | 89,662 | $ | 56,472 | $ | 63,932 | ||||||||||||
Ratio of earnings to fixed charges(2) | 2.23 | 2.39 | 2.50 | — | — | 1.63 | ||||||||||||||||||
| Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as the Annual Report on Form 10-K for the year ended December 25, 2011 for The New York Times Company (the “Company”). | ||
| (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 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $45 million and $110 million, respectively, due to certain charges in each year. |