EX-12.1 3 a06-15925_1ex12d1.htm EX-12.1

Exhibit 12.1

 

TRIBUNE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In thousands, except ratios)

 

 

 

First
Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Fiscal Year Ended

 

 

 

3/26/2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before cumulative effect of changes in accounting principle

 

$

102,764

 

$

534,689

 

$

573,324

 

$

891,379

 

$

608,579

 

$

111,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

66,352

 

575,552

 

367,787

 

523,857

 

331,376

 

157,815

 

(Income) loss on equity investments

 

(6,548

)

(41,209

)

(17,931

)

(5,590

)

40,875

 

60,813

 

Distributed income from equity investees

 

6,707

 

48,884

 

14,439

 

16,810

 

12,567

 

21,784

 

Minority interest expense, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal

 

169,275

 

1,117,916

 

937,619

 

1,426,456

 

993,397

 

351,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charge adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

48,772

 

155,191

 

153,118

 

198,123

 

213,309

 

254,521

 

Amortization of capitalized interest

 

812

 

3,246

 

3,070

 

3,224

 

3,269

 

2,989

 

Interest component of rental expense (1)

 

5,052

 

19,684

 

18,801

 

20,720

 

22,503

 

22,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as adjusted

 

$

223,911

 

$

1,296,037

 

$

1,112,608

 

$

1,648,523

 

$

1,232,478

 

$

631,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

48,772

 

$

155,191

 

$

153,118

 

$

198,123

 

$

213,309

 

$

254,521

 

Interest capitalized

 

763

 

4,007

 

2,511

 

383

 

2,383

 

3,184

 

Interest component of rental expense (1)

 

5,052

 

19,684

 

18,801

 

20,720

 

22,503

 

22,853

 

Interest related to guaranteed ESOP debt (2)

 

 

 

 

2,836

 

5,565

 

8,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

54,587

 

$

178,882

 

$

174,430

 

$

222,062

 

$

243,760

 

$

288,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.1

 

7.2

 

6.4

 

7.4

 

5.1

 

2.2

 


(1)             Represents a reasonable approximation of the interest cost component of rental expense incurred by the Company.

(2)             Tribune Company guarantees the debt of its Employee Stock Ownership Plan ("ESOP").  The notes issued by the Company's ESOP matured on Dec. 16, 2003 and were fully repaid.