EX-12 2 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 30,
2012

 
December 25,
2011

 
December 26,
2010

 
December 27,
2009

 
December 28,
2008

Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
$
260,300

 
$
83,199

  
$
69,374

 
$
(96,691
)
 
$
(182,017
)
Distributed earning from less than fifty-percent owned affiliates
9,251

 
3,463

  
8,325

 
2,775

 
35,733

Adjusted pre-tax earnings/(loss) from continuing operations
269,551

 
86,662

  
77,699

 
(93,916
)
 
(146,284
)
Fixed charges less capitalized interest
68,058

 
90,247

  
92,245

 
87,769

 
53,226

Earnings/(loss) from continuing operations before fixed charges
$
337,609

 
$
176,909

  
$
169,944

 
$
(6,147
)
 
$
(93,058
)
Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized
interest(1)
$
63,225

 
$
85,693

  
$
86,301

 
$
83,124

 
$
48,191

Capitalized interest
17

 
427

  
299

 
1,566

 
2,639

Portion of rentals representative of interest factor
4,833

 
4,554

  
5,944

 
4,645

 
5,035

Total fixed charges
$
68,075

 
$
90,674

  
$
92,544

 
$
89,335

 
$
55,865

Ratio of earnings to fixed charges(2)
4.96

 
1.95

  
1.84

 
—

 
—

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 30, 2012.
(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 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $95 million and $149 million, respectively, due to certain charges in each year.