EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges (1)
(Unaudited)
|
| For the Quarter |
| For the Years Ended |
| ||||||||||||||
(In thousands, except ratios) |
| Ended |
| December 28, |
| December 30, |
| December 31, 2006 |
| December 25, |
| December 26, |
| ||||||
(Loss)/earnings from continuing operations before fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/loss from joint ventures |
| $ | (79,780 | ) | $ | (88,426 | ) | $ | 187,587 |
| $ | (571,262 | ) | $ | 397,495 |
| $ | 429,065 |
|
Distributed earnings from less than fifty-percent owned affiliates |
| 2,775 |
| 35,733 |
| 7,979 |
| 13,375 |
| 9,132 |
| 14,990 |
| ||||||
Adjusted pre-tax (loss)/earnings from continuing operations |
| (77,005 | ) | (52,693 | ) | 195,566 |
| (557,887 | ) | 406,627 |
| 444,055 |
| ||||||
Fixed charges less capitalized interest |
| 20,026 |
| 55,290 |
| 49,435 |
| 69,245 |
| 64,648 |
| 54,222 |
| ||||||
(Loss)/earnings from continuing operations before fixed charges |
| $ | (56,979 | ) | $ | 2,597 |
| $ | 245,001 |
| $ | (488,642 | ) | $ | 471,275 |
| $ | 498,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense, net of capitalized interest(1) |
| $ | 18,257 |
| $ | 48,191 |
| $ | 43,228 |
| $ | 58,581 |
| $ | 53,630 |
| $ | 44,191 |
|
Capitalized interest |
| 729 |
| 2,639 |
| 15,821 |
| 14,931 |
| 11,155 |
| 7,181 |
| ||||||
Portion of rentals representative of interest factor |
| 1,769 |
| 7,099 |
| 6,207 |
| 10,664 |
| 11,018 |
| 10,031 |
| ||||||
Total fixed charges |
| $ | 20,755 |
| $ | 57,929 |
| $ | 65,256 |
| $ | 84,176 |
| $ | 75,803 |
| $ | 61,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges (2) |
| — |
| — |
| 3.75 |
| — |
| 6.22 |
| 8.11 |
| ||||||
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 New York Times Company’s (the “Company”) Annual Report on Form 10-K for the year ended December 28, 2008.
(1) The Company adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109, on January 1, 2007. 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.
(2) In 2009, earnings were inadequate to cover fixed charges by approximately $78 million. In 2008, earnings were inadequate to cover fixed charges by approximately $55 million as a result of non-cash impairment charges of $197.9 million for the News Media Group. In 2006, earnings were inadequate to cover fixed charges by approximately $573 million as a result of a non-cash impairment charge of 814.4 million.