Tribune Media 10-K 2003 FY Annual report

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EXHIBIT 12

TRIBUNE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)

		Fiscal Year Ended December
		2003			2002		2001		2000		1999
Income from continuing operations, before cumulative effect of accounting change		$	891,379		$	608,579	$	111,136	$	310,401	$	1,449,962
Add:
	Income tax expense		523,857			331,376		157,815		270,351		933,981
	(Income) loss on equity investments		(5,590	)		40,875		60,813		79,374		40,083
	Distributed income from equity investees		16,810			12,567		21,784		9,693		—
	Minority interest expense, net of tax		—			—		—		16,335		—
	Subtotal		1,426,456			993,397		351,548		686,154		2,424,026
Fixed charge adjustments
Add:
	Interest expense		198,123			213,309		254,521		240,708		113,031
	Amortization of capitalized interest		3,224			3,269		2,989		4,012		2,065
	Interest component of rental expense(1)		20,720			22,503		22,853		18,620		9,312
Earnings, as adjusted		$	1,648,523		$	1,232,478	$	631,911	$	949,494	$	2,548,434
Fixed charges:
	Interest expense	$	198,123		$	213,309	$	254,521	$	240,708	$	113,031
	Interest capitalized		383			2,383		3,184		1,950		1,117
	Interest component of rental expense(1)		20,720			22,503		22,853		18,620		9,312
	Interest related to guaranteed ESOP debt(2)		2,836			5,565		8,191		10,718		13,146
Total fixed charges		$	222,062		$	243,760	$	288,749	$	271,996	$	136,606
Ratio of earnings to fixed charges			7.4			5.1		2.2		3.5		18.7

(1)

Represents a reasonable approximation of the interest cost component of rental expense incurred by the Company.

(2)

Tribune Company guarantees the debt of its Employee Stock Ownership Plan ("ESOP"). The notes issued by the Company's ESOP matured on Dec. 16, 2003 and were fully repaid.

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EXHIBIT 12

TRIBUNE COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)