EXHIBIT 12
TRIBUNE COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES(A)
(In thousands, except ratios)
Fiscal Year Ended December
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1995 1994 1993 1992 1991
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Income from continuing operations before cumulative effects
of accounting changes $245,458 $233,149 $204,646 $179,534 $158,049
Add:
Income tax expense 167,076 158,698 142,212 120,089 106,514
Losses on equity investments 13,209 9,739 1,857 1,903 1,107
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Subtotal 425,743 401,586 348,715 301,526 265,670
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Fixed charge adjustments
Add:
Interest expense 21,814 20,585 24,660 35,301 45,588
Amortization of capitalized interest 2,253 2,362 2,392 2,434 2,435
Interest component of rental expense(B) 8,200 8,236 8,732 8,182 7,647
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Earnings, as adjusted $458,010 $432,769 $384,499 $347,443 $321,340
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Fixed charges:
Interest expense $ 21,814 $ 20,585 $ 24,660 $ 35,301 $ 45,588
Interest capitalized 610 - 1,099 1,092 146
Interest component of rental expense(B) 8,200 8,236 8,732 8,182 7,647
Interest related to guaranteed ESOP debt(C) 22,057 24,017 25,742 27,019 27,500
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Total fixed charges $ 52,681 $ 52,838 $ 60,233 $ 71,594 $ 80,881
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Ratio of Earnings to Fixed Charges 8.7 8.2 6.4 4.9 4.0
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(A) The Company's financial statements and this exhibit have been restated to
reflect earnings from QUNO, net of income tax, as discontinued operations.
(B) Represents a portion of rental expense incurred by the Company, which is a
reasonable approximation of the interest cost component of such expense.
(C) Tribune Company guarantees the debt of its Employee Stock Ownership Plan
(ESOP).