Exhibit 12
THE NEW YORK TIMES COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
|
| For the |
| For the Years Ended |
| ||||||||||||||
|
| September 25, |
| December 26, |
| December 28, |
| December 29, |
| December 30, |
| December 31, |
| ||||||
(In thousands, except ratios) |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| ||||||
Earnings from continuing operations before fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations before income taxes, minority interest and income/loss from joint ventures |
| $ | 325,674 |
| $ | 476,405 |
| $ | 508,070 |
| $ | 504,433 |
| $ | 332,204 |
| $ | 637,830 |
|
Distributed earnings from less than fifty-percent owned affiliates |
| 4,550 |
| 14,990 |
| 9,299 |
| 6,459 |
| 14,859 |
| 19,375 |
| ||||||
Adjusted pre-tax earnings from continuing operations |
| 330,224 |
| 491,395 |
| 517,369 |
| 510,892 |
| 347,063 |
| 657,205 |
| ||||||
Fixed charges less capitalized interest |
| 49,598 |
| 55,151 |
| 57,752 |
| 60,023 |
| 64,069 |
| 80,876 |
| ||||||
Earnings from continuing operations before fixed charges |
| $ | 379,822 |
| $ | 546,546 |
| $ | 575,121 |
| $ | 570,915 |
| $ | 411,132 |
| $ | 738,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense, net of capitalized interest |
| $ | 40,474 |
| $ | 44,191 |
| $ | 46,704 |
| $ | 48,697 |
| $ | 51,405 |
| $ | 68,566 |
|
Capitalized interest |
| 8,040 |
| 7,181 |
| 4,501 |
| 1,662 |
| 459 |
| — |
| ||||||
Portion of rentals representative of interest factor |
| 9,124 |
| 10,960 |
| 11,048 |
| 11,326 |
| 12,664 |
| 12,310 |
| ||||||
Total fixed charges |
| $ | 57,638 |
| $ | 62,332 |
| $ | 62,253 |
| $ | 61,685 |
| $ | 64,528 |
| $ | 80,876 |
|
Ratio of earnings to fixed charges |
| 6.59 |
| 8.77 |
| 9.24 |
| 9.26 |
| 6.37 |
| 9.13 |
| ||||||
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 26, 2004.
