EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges (a)
(Unaudited)
|
| For the |
| For the Years Ended |
| ||||||||||||||
(In thousands, except ratios) |
| September 30, |
| December 31, |
| December 25, |
| December 26, |
| December 28, |
| December 29, |
| ||||||
Earnings from continuing operations before fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income/(loss) from continuing operations before income taxes, minority interest and income/loss from joint ventures |
| $ | 96,995 |
| $ | (571,262 | ) | $ | 397,495 |
| $ | 429,065 |
| $ | 464,851 |
| $ | 452,517 |
|
Distributed earnings from less than fifty-percent owned affiliates |
| 5,818 |
| 13,375 |
| 9,132 |
| 14,990 |
| 9,299 |
| 6,459 |
| ||||||
Adjusted pre-tax earnings from continuing operations |
| 102,813 |
| (557,887 | ) | 406,627 |
| 444,055 |
| 474,150 |
| 458,976 |
| ||||||
Fixed charges less capitalized interest |
| 36,201 |
| 69,245 |
| 64,648 |
| 54,222 |
| 56,886 |
| 59,225 |
| ||||||
Earnings from continuing operations before fixed charges |
| $ | 139,014 |
| $ | (488,642 | ) | $ | 471,275 |
| $ | 498,277 |
| $ | 531,036 |
| $ | 518,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense, net of capitalized interest |
| $ | 31,868 |
| $ | 58,581 |
| $ | 53,630 |
| $ | 44,191 |
| $ | 46,704 |
| $ | 48,697 |
|
Capitalized interest |
| 13,717 |
| 14,931 |
| 11,155 |
| 7,181 |
| 4,501 |
| 1,662 |
| ||||||
Portion of rentals representative of interest factor |
| 4,333 |
| 10,664 |
| 11,018 |
| 10,031 |
| 10,182 |
| 10,528 |
| ||||||
Total fixed charges |
| $ | 49,918 |
| $ | 84,176 |
| $ | 75,803 |
| $ | 61,403 |
| $ | 61,387 |
| $ | 60,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 2.78 |
| — |
| 6.22 |
| 8.11 |
| 8.65 |
| 8.51 |
| ||||||
(a) 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 31, 2006.
(b) The Company adopted FIN 48 on January 1, 2007 (see Note 5 of the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q). The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.
(c) Earnings were inadequate to cover fixed charges by approximately $573 million for the year ended December 31, 2006, as a result of a non-cash impairment charge of approximately $814 million.
