EXHIBIT 12
THE NEW YORK TIMES COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Years Ended
-----------------------------------------------------------------------
December 26, December 27, December 28, December 29, December 31,
(In thousands, except ratio) 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings from continuing operations before
Fixed charges
Income before income taxes, income from joint ventures and
an extraordinary item (1)(2) $520,564 $ 484,506 $ 423,375 $ 179,686 $ 218,810
Less net gain on dispositions of assets -- (12,619) (10,388) (32,836) (11,291)
Distributed earnings from less than fifty percent owned
affiliates 13,061 18,192 14,982 16,957 7,980
Less pre-tax preferred stock dividends -- -- (129) (174) (163)
- -----------------------------------------------------------------------------------------------------------------------------------
Adjusted pre-tax earnings from continuing operations 533,625 490,079 427,840 163,633 215,336
Fixed charges less capitalized interest 63,448 56,594 55,304 40,821 42,970
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings from continuing operations before fixed charges $597,073 $ 546,673 $ 483,144 $ 204,454 $ 258,306
- -----------------------------------------------------------------------------------------------------------------------------------
Fixed charges
Interest expense, net of capitalized interest $ 52,503 $ 46,927 $ 45,039 $ 30,759 $ 33,574
Capitalized interest -- 173 5,394 19,574 15,177
Less pre-tax preferred stock dividends -- -- 129 174 163
Portion of rentals representative of interest factor 10,945 9,667 10,136 9,888 9,233
- -----------------------------------------------------------------------------------------------------------------------------------
Total fixed charges $ 63,448 $ 56,767 $ 60,698 $ 60,395 $ 58,147
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of earnings to fixed charges 9.41 9.63 7.96 3.39 4.44
- -----------------------------------------------------------------------------------------------------------------------------------
(1) 1998 excludes a $13.7 million pre-tax extraordinary item resulting from
the early extinguishment of certain long-term debt (see Note 7 of the
Notes to the Consolidated Financial Statements).
(2) 1996 includes a $126.8 million pre-tax noncash accounting charge related
to SFAS No. 121, Accounting for Impairment of Long-Lived Assets and for
Long-Lived Assets To Be Disposed Of.