EX-12 4 ex12-10k.htm RATIO OF EARNINGS TO FIXED CHARGES EX12-10K


EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)  
(In thousands, except ratio)
December 25,
2011

 
December 26,
2010

 
December 27,
2009

 
December 28,
2008

 
December 30,
2007

(Loss)/earnings from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
(Loss)/earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
$
(3,746
)
 
$
158,186

  
$
(16,892
)
 
$
(88,981
)
 
$
146,728

Distributed earning from less than fifty-percent owned affiliates
3,463

 
8,325

  
2,775

 
35,733

 
7,979

Adjusted pre-tax (loss)/earnings from continuing operations
(283
)
 
166,511

  
(14,117
)
 
(53,248
)
 
154,707

Fixed charges less capitalized interest
90,457

 
92,888

  
88,608

 
55,038

 
49,228

Earnings/(loss) from continuing operations before fixed charges
$
90,174

 
$
259,399

  
$
74,491

 
$
1,790

 
$
203,935

Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized
interest(1)
$
85,693

 
$
86,301

  
$
83,124

 
$
48,191

 
$
43,228

Capitalized interest
427

 
299

  
1,566

 
2,639

 
15,821

Portion of rentals representative of interest factor
4,764

 
6,587

  
5,484

 
6,847

 
6,000

Total fixed charges
$
90,884

 
$
93,187

  
$
90,174

 
$
57,677

 
$
65,049

Ratio of earnings to fixed charges(2)
—

 
2.78

  
—

 
—

 
3.14

Note:
The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K for the fiscal year ended December 25, 2011.
(1)
The Company's policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.
(2)
In 2011, 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $1 million, $16 million and $56 million, respectively, due to certain charges in each year.