EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)
| (In thousands, except ratio) | December 29, 2013 | December 30, 2012 | December 25, 2011 | December 26, 2010 | December 27, 2009 | |||||||||||||||
| Earnings/(loss) from continuing operations before fixed charges | ||||||||||||||||||||
| Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures | $ | 98,014 | $ | 255,621 | $ | 66,283 | $ | 52,474 | $ | (88,392 | ) | |||||||||
| Distributed earning from less than fifty-percent owned affiliates | 1,400 | 9,251 | 3,463 | 8,325 | 2,775 | |||||||||||||||
| Adjusted pre-tax earnings/(loss) from continuing operations | 99,414 | 264,872 | 69,746 | 60,799 | (85,617 | ) | ||||||||||||||
| Fixed charges less capitalized interest | 63,032 | 67,243 | 90,252 | 92,143 | 87,475 | |||||||||||||||
| Earnings/(loss) from continuing operations before fixed charges | $ | 162,446 | $ | 332,115 | $ | 159,998 | $ | 152,942 | $ | 1,858 | ||||||||||
| Fixed charges | ||||||||||||||||||||
Interest expense, net of capitalized interest(1) | $ | 59,588 | $ | 63,218 | $ | 85,693 | $ | 86,291 | $ | 83,118 | ||||||||||
| Capitalized interest | — | 17 | 427 | 299 | 1,566 | |||||||||||||||
| Portion of rentals representative of interest factor | 3,444 | 4,025 | 4,559 | 5,852 | 4,357 | |||||||||||||||
| Total fixed charges | $ | 63,032 | $ | 67,260 | $ | 90,679 | $ | 92,442 | $ | 89,041 | ||||||||||
| Ratio of earnings to fixed charges | 2.58 | 4.94 | 1.76 | 1.65 | 0.02 | |||||||||||||||
| 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 29, 2013. |
| (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. |