EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12

The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)

 

(In thousands, except ratio)    December 26,
2010		      December 27,
2009		     December 28,
2008		     December 30,
2007		      December 31,
2006		  

Earnings/(loss) from continuing operations before fixed charges

             

Income/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures

    $ 158,186       $ (16,892 )    $ (88,981 )    $ 146,728       $ (577,550 ) 

Distributed earnings from less than fifty-percent owned affiliates

      8,325         2,775        35,733        7,979         13,375   
                                            

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

      166,511         (14,117 )      (53,248 )      154,707         (564,175 ) 

Fixed charges less capitalized interest

      92,888         88,608        55,038        49,228         68,747   
                                            

Earnings/(loss) from continuing operations before fixed charges

    $ 259,399       $ 74,491      $ 1,790      $ 203,935       $ (495,428 ) 
                                            
                                            

Fixed charges

             

Interest expense, net of capitalized interest(a)

    $ 86,301       $ 83,124      $ 48,191      $ 43,228       $ 58,581   

Capitalized interest

      299         1,566        2,639        15,821         14,931   

Portion of rentals representative of interest factor

      6,587         5,484        6,847        6,000         10,166   
                                            

Total fixed charges

    $ 93,187       $ 90,174      $ 57,677      $ 65,049       $ 83,678   
                                            
                                            

Ratio of earnings to fixed charges(b)

      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 26, 2010.  

 

(a)

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.

 

 

(b)

In 2009, 2008 and 2006, earnings were inadequate to cover fixed charges by approximately $16 million, $56 million and $579 million, respectively, due to certain charges in each year.