EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
(Unaudited)
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| For the |
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| Nine Months |
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| Ended |
| For the Years Ended |
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| September 26, |
| December 28, |
| December 29, |
| December 30, |
| December 31, |
| December 26, |
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(In thousands, except ratio) |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Earnings From Continuing Operations Before Fixed Charges |
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Income before income taxes, minority interest and income/loss from joint ventures |
| $ | 301,030 |
| $ | 508,070 |
| $ | 504,433 |
| $ | 332,204 |
| $ | 637,830 |
| $ | 501,912 |
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Distributed earnings from less than fifty- percent owned affiliates |
| 7,996 |
| 9,299 |
| 6,459 |
| 14,859 |
| 19,375 |
| 13,061 |
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Adjusted pre-tax earnings from continuing operations |
| 309,026 |
| 517,369 |
| 510,892 |
| 347,063 |
| 657,205 |
| 514,973 |
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Fixed charges less capitalized interest |
| 39,966 |
| 57,752 |
| 60,023 |
| 64,069 |
| 80,876 |
| 63,313 |
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Earnings from continuing operations before fixed charges |
| $ | 348,992 |
| $ | 575,121 |
| $ | 570,915 |
| $ | 411,132 |
| $ | 738,081 |
| $ | 578,286 |
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Fixed charges |
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Interest expense, net of capitalized interest |
| $ | 31,802 |
| $ | 46,704 |
| $ | 48,697 |
| $ | 51,405 |
| $ | 68,566 |
| $ | 52,503 |
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Capitalized interest |
| 5,393 |
| 4,501 |
| 1,662 |
| 459 |
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Portion of rentals representative of interest factor |
| 8,164 |
| 11,048 |
| 11,326 |
| 12,664 |
| 12,310 |
| 10,810 |
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Total fixed charges |
| $ | 45,359 |
| $ | 62,253 |
| $ | 61,685 |
| $ | 64,528 |
| $ | 80,876 |
| $ | 63,313 |
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Ratio of earnings to fixed charges |
| 7.69 |
| 9.24 |
| 9.26 |
| 6.37 |
| 9.13 |
| 9.13 |
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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 Company’s Annual Report on Form 10-K for the year ended December 28, 2003.