EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)
| For the Nine Months Ended September 28, 2014 | For the Years Ended | |||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (Loss)/earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures | $ | (12,236 | ) | $ | 98,014 | $ | 255,621 | $ | 66,283 | $ | 52,474 | $ | (88,392 | ) | ||||||||||
| Distributed earnings 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 | (12,236 | ) | 99,414 | 264,872 | 69,746 | 60,799 | (85,617 | ) | ||||||||||||||||
| Fixed charges less capitalized interest | 47,716 | 63,032 | 67,243 | 90,252 | 92,143 | 87,475 | ||||||||||||||||||
| (Loss)/earnings from continuing operations before fixed charges | $ | 35,480 | $ | 162,446 | $ | 332,115 | $ | 159,998 | $ | 152,942 | $ | 1,858 | ||||||||||||
| Fixed charges | ||||||||||||||||||||||||
Interest expense, net of capitalized interest(1) | $ | 44,690 | $ | 59,588 | $ | 63,218 | $ | 85,693 | $ | 86,291 | $ | 83,118 | ||||||||||||
| Capitalized interest | 129 | — | 17 | 427 | 299 | 1,566 | ||||||||||||||||||
| Portion of rentals representative of interest factor | 3,026 | 3,444 | 4,025 | 4,559 | 5,852 | 4,357 | ||||||||||||||||||
| Total fixed charges | $ | 47,845 | $ | 63,032 | $ | 67,260 | $ | 90,679 | $ | 92,442 | $ | 89,041 | ||||||||||||
Ratio of earnings to fixed charges (2) | — | 2.58 | 4.94 | 1.76 | 1.65 | — | ||||||||||||||||||
| 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 29, 2013 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 | ) | For the periods ended September 28, 2014 and December 27, 2009, earnings were insufficient to cover fixed charges by approximately $12 million and $87 million, respectively. |