EXHIBIT 12
TRIBUNE COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Fiscal Year Ended December
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1997 1996 1995 1994 1993
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Income from continuing operations $393,625 $282,750 $245,458 $233,149 $204,646
Add:
Income tax expense 265,375 191,663 167,076 158,698 142,212
Losses on equity investments 34,696 13,281 13,209 9,739 1,857
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Subtotal 693,696 487,694 425,743 401,586 348,715
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Fixed charge adjustments
Add:
Interest expense 86,502 47,779 21,814 20,585 24,660
Amortization of capitalized interest 2,076 2,108 2,253 2,362 2,392
Interest component of rental expense (A) 10,416 9,362 8,200 8,236 8,732
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Earnings, as adjusted $792,690 $546,943 $458,010 $432,769 $384,499
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Fixed charges:
Interest expense $ 86,502 $ 47,779 $ 21,814 $ 20,585 $ 24,660
Interest capitalized 224 168 610 - 1,099
Interest component of rental expense (A) 10,416 9,362 8,200 8,236 8,732
Interest related to guaranteed ESOP debt (B) 17,901 20,134 22,057 24,017 25,742
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Total fixed charges $115,043 $ 77,443 $ 52,681 $ 52,838 $ 60,233
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Ratio of earnings to fixed charges 6.9 7.1 8.7 8.2 6.4
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(A) Represents a portion of rental expense incurred by the Company, which is a
reasonable approximation of the interest cost component of such expense.
(B) Tribune Company guarantees the debt of its Employee Stock Ownership Plan
(ESOP).