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EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)
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| For the Years Ended |
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(in thousands, except ratio) |
| December 29, |
| December 30, |
| December 31, |
| December 26, |
| December 27, |
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Earnings from continuing operations before fixed charges |
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Income from continuing operations before income taxes and income/loss from joint ventures |
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| $ | 504,433 |
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| $ | 332,204 |
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| $ | 637,830 |
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| $ | 501,912 |
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| $ | 454,423 |
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Distributed earnings from less than fifty-percent owned affiliates |
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| 6,459 |
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| 14,859 |
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| 19,375 |
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| 13,061 |
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| 18,192 |
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Adjusted pre-tax earnings from continuing operations |
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| 510,892 |
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| 347,063 |
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| 657,205 |
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| 514,973 |
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| 472,615 |
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Fixed charges less capitalized interest |
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| 60,023 |
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| 64,069 |
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| 80,876 |
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| 63,313 |
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| 56,029 |
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Earnings from continuing operations before fixed charges |
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| $ | 570,915 |
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| $ | 411,132 |
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| $ | 738,081 |
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| $ | 578,286 |
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| $ | 528,644 |
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Fixed charges |
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Interest expense, net of capitalized interest |
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| $ | 48,697 |
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| $ | 51,405 |
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| $ | 68,566 |
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| $ | 52,503 |
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| $ | 46,927 |
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Capitalized interest |
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| 1,662 |
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| 459 |
|
|
| — |
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| — |
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| 173 |
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Portion of rentals representative of interest factor |
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| 11,326 |
|
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| 12,664 |
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| 12,310 |
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| 10,810 |
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| 9,102 |
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Total fixed charges |
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| $ | 61,685 |
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| $ | 64,528 |
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| $ | 80,876 |
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| $ | 63,313 |
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| $ | 56,202 |
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Ratio of earnings to fixed charges |
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| 9.26 |
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| 6.37 |
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| 9.13 |
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| 9.13 |
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| 9.41 |
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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 Form 10-K.