EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
(Unaudited)
![](https://capedge.com/proxy/10-Q/0000950136-03-001990/spacer.gif)
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![]() | For the Six Months Ended June 29, 2003 | ![]() | For the Years Ended | |||||||||||||||||||||||
(In thousands, except ratio) | ![]() | December 29, 2002 | ![]() | December 30, 2001 | ![]() | December 31, 2000 | ![]() | December 26, 1999 | ![]() | December 27, 1998 | ![]() | |||||||||||||||
Earnings from continuing operations before fixed charges | ![]() | |||||||||||||||||||||||||
Income before income taxes and income/loss from joint ventures | ![]() | $ | 239,843 | ![]() | $ | 504,433 | ![]() | $ | 332,204 | ![]() | $ | 637,830 | ![]() | $ | 501,912 | ![]() | $ | 454,423 | ||||||||
Distributed earnings from less than fifty-percent owned affiliates | ![]() | 4,101 | ![]() | 6,459 | ![]() | 14,859 | ![]() | 19,375 | ![]() | 13,061 | ![]() | 18,192 | ||||||||||||||
Adjusted pre-tax earnings from continuing operations | ![]() | 243,944 | ![]() | 510,892 | ![]() | 347,063 | ![]() | 657,205 | ![]() | 514,973 | ![]() | 472,615 | ||||||||||||||
Fixed charges less capitalized interest | ![]() | 29,745 | ![]() | 60,023 | ![]() | 64,069 | ![]() | 80,876 | ![]() | 63,313 | ![]() | 56,029 | ||||||||||||||
Earnings from continuing operations before fixed charges | ![]() | $ | 273,689 | ![]() | $ | 570,915 | ![]() | $ | 411,132 | ![]() | $ | 738,081 | ![]() | $ | 578,286 | ![]() | $ | 528,644 | ||||||||
Fixed charges | ![]() | |||||||||||||||||||||||||
Interest expense, net of capitalized interest | ![]() | $ | 24,218 | ![]() | $ | 48,697 | ![]() | $ | 51,405 | ![]() | $ | 68,566 | ![]() | $ | 52,503 | ![]() | $ | 46,927 | ||||||||
Capitalized interest | ![]() | 1,917 | ![]() | 1,662 | ![]() | 459 | ![]() | — | ![]() | — | ![]() | 173 | ||||||||||||||
Portion of rentals representative of interest factor | ![]() | 5,527 | ![]() | 11,326 | ![]() | 12,664 | ![]() | 12,310 | ![]() | 10,810 | ![]() | 9,102 | ||||||||||||||
Total fixed charges | ![]() | $ | 31,662 | ![]() | $ | 61,685 | ![]() | $ | 64,528 | ![]() | $ | 80,876 | ![]() | $ | 63,313 | ![]() | $ | 56,202 | ||||||||
Ratio of earnings to fixed charges | ![]() | 8.64 | ![]() | 9.26 | ![]() | 6.37 | ![]() | 9.13 | ![]() | 9.13 | ![]() | 9.41 | ||||||||||||||
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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 29, 2002. |