The New York Times Company (NYT) 10-Q 2009 Q2 Quarterly report

EXHIBIT 12

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges ⁽¹⁾

(Unaudited)

				For the Years Ended
(In thousands, except ratios)	For the Six Months Ended June 28, 2009			December 28, 2008			December 30, 2007		December 31, 2006			December 25, 2005		December 26, 2004
(Loss)/earnings from continuing operations before fixed charges
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures	$	(87,355	)	$	(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		(84,580	)		(52,693	)		195,566		(557,887	)		406,627		444,055
Fixed charges less capitalized interest		43,472			55,290			49,435		69,245			64,648		54,222
(Loss)/earnings from continuing operations before fixed charges	$	(41,108	)	$	2,597		$	245,001	$	(488,642	)	$	471,275	$	498,277
Fixed charges
Interest expense, net of capitalized interest(1)	$	40,233		$	48,191		$	43,228	$	58,581		$	53,630	$	44,191
Capitalized interest		1,089			2,639			15,821		14,931			11,155		7,181
Portion of rentals representative of interest factor		3,239			7,099			6,207		10,664			11,018		10,031
Total fixed charges	$	44,561		$	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’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 the first six months of 2009, earnings were inadequate to cover fixed charges by approximately $86 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.