EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges (a)
(Unaudited)
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| Nine Months |
| For the Years Ended |
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(In thousands, except ratios) |
| Ended |
| December 30, |
| December 31, |
| December 25, |
| December 26, |
| December 28, |
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(Loss)/earnings from continuing operations before fixed charges |
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(Loss)/income from continuing operations before income taxes, minority interest and income/loss from joint ventures |
| $ | (139,481 | ) | $ | 187,587 |
| $ | (571,262 | ) | $ | 397,495 |
| $ | 429,065 |
| $ | 464,851 |
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Distributed earnings from less than fifty- percent owned affiliates |
| 9,013 |
| 7,979 |
| 13,375 |
| 9,132 |
| 14,990 |
| 9,299 |
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Adjusted pre-tax (loss)/earnings from continuing operations |
| (130,468 | ) | 195,566 |
| (557,887 | ) | 406,627 |
| 444,055 |
| 474,150 |
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Fixed charges less capitalized interest |
| 41,249 |
| 49,435 |
| 69,245 |
| 64,648 |
| 54,222 |
| 56,886 |
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(Loss)/earnings from continuing operations before fixed charges |
| $ | (89,219 | ) | $ | 245,001 |
| $ | (488,642 | ) | $ | 471,275 |
| $ | 498,277 |
| $ | 531,036 |
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Fixed charges |
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Interest expense, net of capitalized interest |
| $ | 35,654 |
| $ | 43,228 |
| $ | 58,581 |
| $ | 53,630 |
| $ | 44,191 |
| $ | 46,704 |
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Capitalized interest |
| 1,977 |
| 15,821 |
| 14,931 |
| 11,155 |
| 7,181 |
| 4,501 |
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Portion of rentals representative of interest factor |
| 5,595 |
| 6,207 |
| 10,664 |
| 11,018 |
| 10,031 |
| 10,182 |
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Total fixed charges |
| $ | 43,226 |
| $ | 65,256 |
| $ | 84,176 |
| $ | 75,803 |
| $ | 61,403 |
| $ | 61,387 |
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Ratio of earnings to fixed charges |
| — |
| 3.75 |
| — |
| 6.22 |
| 8.11 |
| 8.65 |
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(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 30, 2007. |
(b) |
| Earnings were inadequate to cover fixed charges by approximately $132 million for the nine months ended September 28, 2008, mainly as a result of an estimated non-cash impairment charge of approximately $160 million for the New England Media Group recorded in the third quarter of 2008. |
(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. |