EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)
For the Years Ended | |||||||||||||||||||||||
(In thousands, except ratio) | December 31, 2006 | December 25, 2005 (Restated) | December 26, 2004 (Restated) | December 28, 2003 (Restated) | December 29, 2002 (Restated) | ||||||||||||||||||
Earnings from continuing operations before fixed charges | |||||||||||||||||||||||
(Loss)/income from continuing operations before income taxes and income/loss from joint ventures | $ | (571,262 | ) | $ | 397,495 | $ | 429,065 | $ | 464,851 | $ | 452,517 | ||||||||||||
Distributed earnings from less than fifty-percent owned affiliates | 13,375 | 9,132 | 14,990 | 9,299 | 6,459 | ||||||||||||||||||
Adjusted pre-tax earnings from continuing operations | (557,887 | ) | 406,627 | 444,055 | 474,150 | 458,976 | |||||||||||||||||
Fixed charges less capitalized interest | 69,245 | 64,648 | 54,222 | 56,886 | 59,225 | ||||||||||||||||||
Earnings from continuing operations before fixed charges | $ | (488,642 | ) | $ | 471,275 | $ | 498,277 | $ | 531,036 | $ | 518,201 | ||||||||||||
Fixed charges | |||||||||||||||||||||||
Interest expenses, net of capitalized interest | $ | 58,581 | $ | 53,630 | $ | 44,191 | $ | 46,704 | $ | 48,697 | |||||||||||||
Capitalized interest | 14,931 | 11,155 | 7,181 | 4,501 | 1,662 | ||||||||||||||||||
Portion of rentals representative of interest factor | 10,664 | 11,018 | 10,031 | 10,182 | 10,528 | ||||||||||||||||||
Total fixed charges | $ | 84,176 | $ | 75,803 | $ | 61,403 | $ | 61,387 | $ | 60,887 | |||||||||||||
Ratio of earnings to fixed charges(*) | – | 6.22 | 8.11 | 8.65 | 8.51 |
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 Annual Report on Form 10-K.
(*) Earnings were inadequate to cover fixed charges by $573 million for the year ended December 31, 2006, as a result of a non-cash impairment charge of $814.4 million ($735.9 million after tax).
P.120 2006 ANNUAL REPORT