The New York Times Company (NYT) 10-Q 2016 Q1 Quarterly report

EXHIBIT 12

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

	For the Three Months Ended		For the Years Ended
(In thousands, except ratio)	March 27, 2016		December 27, 2015		December 28, 2014		December 29, 2013		December 30, 2012
Earnings from continuing operations before fixed charges:
Earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures	$	18,659	$	97,535	$	38,218	$	98,014	$	255,621
Distributed earning from less than fifty-percent owned affiliates	—		—		3,914		1,400		9,251
Adjusted pre-tax earnings from continuing operations	18,659		97,535		42,132		99,414		264,872
Fixed charges less capitalized interest	12,080		50,719		62,869		63,032		67,243
Earnings from continuing operations before fixed charges	$	30,739	$	148,254	$	105,001	$	162,446	$	332,115
Fixed charges:
Interest expense, net of capitalized interest(1)	$	11,059	$	46,391	$	58,914	$	59,588	$	63,218
Capitalized interest	116		338		152		—		17
Portion of rentals representative of interest factor	1,021		4,328		3,955		3,444		4,025
Total fixed charges	$	12,196	$	51,057	$	63,021	$	63,032	$	67,260
Ratio of earnings to fixed charges	2.52		2.90		1.67		2.58		4.94

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 27, 2015.

⁽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.