EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)
(Dollars in thousands, except ratios) |
| For the |
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For the Years Ended |
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December 25, |
| December 26, |
| December 28, |
| December 29, |
| December 30, |
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2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Earnings from continuing operations before fixed charges |
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Income from continuing operations before income taxes, minority interest and income/loss from joint ventures |
| $ | 135,918 |
| $ | 408,910 |
| $ | 438,022 |
| $ | 479,429 |
| $ | 462,669 |
| $ | 304,139 |
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Distributed earnings from less than fifty-percent owned affiliates |
| 10,507 |
| 9,132 |
| 14,990 |
| 9,299 |
| 6,459 |
| 14,859 |
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Adjusted pre-tax earnings from continuing operations |
| 146,425 |
| 418,042 |
| 453,012 |
| 488,728 |
| 469,128 |
| 318,998 |
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Fixed charges less capitalized interest |
| 53,074 |
| 64,648 |
| 54,222 |
| 56,886 |
| 59,225 |
| 63,461 |
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Earnings from continuing operations before fixed charges |
| $ | 199,499 |
| $ | 482,690 |
| $ | 507,234 |
| $ | 545,614 |
| $ | 528,353 |
| $ | 382,459 |
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Fixed charges |
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Interest expense, net of capitalized interest |
| $ | 45,103 |
| $ | 53,630 |
| $ | 44,191 |
| $ | 46,704 |
| $ | 48,697 |
| $ | 51,405 |
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Capitalized interest |
| 9,876 |
| 11,155 |
| 7,181 |
| 4,501 |
| 1,662 |
| 459 |
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Portion of rentals representative of interest factor |
| 7,971 |
| 11,018 |
| 10,031 |
| 10,182 |
| 10,528 |
| 12,056 |
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Total fixed charges |
| $ | 62,950 |
| $ | 75,803 |
| $ | 61,403 |
| $ | 61,387 |
| $ | 60,887 |
| $ | 63,920 |
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Ratio of earnings to fixed charges |
| 3.17 |
| 6.37 |
| 8.26 |
| 8.89 |
| 8.68 |
| 5.98 |
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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 25, 2005.