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THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
(Unaudited)
| | For the Years Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Nine Months Ended September 29, 2002 | |||||||||||||||||
| December 30, 2001 | December 31, 2000 | December 26, 1999 | December 27, 1998 | December 28, 1997 | |||||||||||||
Earnings from continuing operations before fixed charges | ||||||||||||||||||
Income from continuing operations before income taxes and income/loss from joint ventures(A) | $ | 322,480 | $ | 332,204 | $ | 637,830 | $ | 501,912 | $ | 454,423 | $ | 384,655 | ||||||
Distributed earnings from less than fifty-percent Owned affiliates | 1,351 | 14,859 | 19,375 | 13,061 | 18,192 | 14,982 | ||||||||||||
Less: Pre-tax preferred stock dividends | — | — | — | — | — | 129 | ||||||||||||
Adjusted pre-tax earnings from continuing operations | 323,831 | 347,063 | 657,205 | 514,973 | 472,615 | 399,508 | ||||||||||||
Fixed charges less capitalized interest | 44,922 | 64,069 | 80,876 | 63,313 | 56,029 | 54,805 | ||||||||||||
Earnings from continuing operations before fixed charges | $ | 368,753 | $ | 411,132 | $ | 738,081 | $ | 578,286 | $ | 528,644 | $ | 454,313 | ||||||
Fixed charges | ||||||||||||||||||
Interest expense, net of capitalized interest | $ | 36,401 | $ | 51,405 | $ | 68,566 | $ | 52,503 | $ | 46,927 | $ | 45,039 | ||||||
Capitalized interest | 882 | 459 | — | — | 173 | 5,394 | ||||||||||||
Less: Pre-tax preferred stock dividends | — | — | — | — | — | 129 | ||||||||||||
Portion of rentals representative of interest factor | 8,521 | 12,664 | 12,310 | 10,810 | 9,102 | 9,895 | ||||||||||||
Total fixed charges | $ | 45,804 | $ | 64,528 | $ | 80,876 | $ | 63,313 | $ | 56,202 | $ | 60,199 | ||||||
Ratio of earnings to fixed charges(A) | 8.05 | 6.37 | 9.13 | 9.13 | 9.41 | 7.55 | ||||||||||||
- (A)
- Income from continuing operations included non-operating net gains of $3.8 million for the first nine months of 2002, $5.0 million in 2001, $85.3 million in 2000, none in 1999, $18.5 million in 1998 and $20.4 million in 1997. Excluding non-operating net gains, the ratio of earnings to fixed charges were 7.97 for the first nine months of 2002, 6.29 in 2001, 8.07 in 2000, 9.13 in 1999, 9.08 in 1998 and 7.21 in 1997.
Note: | The Ratio of Earnings to Fixed Charges should be read in conjunction with this Form 10-Q as well as the Company's Form 10-K for the period ended December 30, 2001. |
THE NEW YORK TIMES COMPANY Ratio of Earnings to Fixed Charges (Dollars in thousands, except ratios) (Unaudited)