EX-12 2 d87230ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 BELO CORP. EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges (Dollars in thousands)
Year Ended December 31, ---------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- Earnings: Earnings before income taxes and the cumulative effect of accounting changes $144,040 $154,122 $130,460 $276,453 $266,834 Add: Total fixed charges 29,009 94,069 112,082 116,032 137,808 Less: Interest capitalized 255 510 1,680 2,552 2,398 -------- -------- -------- -------- -------- Adjusted earnings $172,794 $247,681 $240,862 $389,933 $402,244 ======== ======== ======== ======== ======== Fixed Charges: Interest $ 27,898 $ 91,288 $109,318 $113,160 $135,178 Portion of rental expense representative of the interest factor(1) 1,111 2,781 2,764 2,872 2,630 -------- -------- -------- -------- -------- Total fixed charges $ 29,009 $ 94,069 $112,082 $116,032 $137,808 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 5.96x 2.63x 2.15x 3.36x 2.92x ======== ======== ======== ======== ========
Three months ended March 31, -------------------------- 2000 2001 -------- ------- Earnings: Earnings before income taxes and the cumulative effect of accounting changes $ 28,406 $ 1,179 Add: Total fixed charges 32,778 31,669 Less: Interest capitalized 710 101 -------- -------- Adjusted earnings $ 60,474 $ 32,747 ======== ======== Fixed Charges: Interest $ 32,190 $ 31,010 Portion of rental expense representative of the interest factor(1) 588 659 -------- -------- Total fixed charges $ 32,778 $ 31,669 ======== ======== Ratio of Earnings to Fixed Charges 1.84x 1.03x ======== ========
---------- (1) For purposes of calculating fixed charges, an interest factor of one third was applied to total rent expense for the period indicated.