EX-12 3 a2212468zex-12.htm EX-12
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Exhibit 12

The McClatchy Company
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
(in thousands, except ratio data)

 
   Year Ended  
 
   December 30,
2012 		  December 25,
2011 		  December 26,
2010 		  December 27,
2009 		  December 28,
2008 		 

Fixed Charge Computation

                                

Interest expenses:

                                

Net interest expense

   $ 151,334   $ 165,434   $ 177,641   $ 127,276   $ 157,385  

Plus: Capitalized interest

     748     193     101     200     192  
                       

Gross interest

     152,082     165,627     177,742     127,476     157,577  

Interest on unrecognized tax benefits

     11,689     5,960     (1,632 )   (920 )   (9,478 )

Amortization of debt discount

     (9,821 )   (11,092 )   (11,327 )   (7,442 )   (4,911 )

Interest component of rent expense

     5,666     4,509     5,021     5,501     6,098  
                       

Total fixed charges

   $ 159,616   $ 165,004   $ 169,804   $ 124,615   $ 149,286  
                       

Earnings Computation

                                

Income from continuing operations before income taxes

   $ (21,526 ) $ 62,785   $ 38,701   $ 83,561   $ 22,085  

(Earnings) losses of equity investments(1)

     (31,935 )   (27,762 )   (11,752 )   (2,130 )   14,021  

Impairment related charge recorded by equity investee(2)

     –     –     2,947     2,022     16,947  

Interest on unrecognized tax benefits

     (11,689 )   (5,960 )   1,632     920     9,478  

Distributed income of equity investees

     38,600     31,625     24,274     1,135     1,740  

Add: Fixed charges

     159,616     165,004     169,804     124,615     149,286  

Less: Capitalized interest

     (748 )   (193 )   (101 )   (200 )   (192 )
                       

Total earnings as adjusted

   $ 132,318   $ 225,498   $ 225,505   $ 209,923   $ 213,365  
                       

Ratio Of Earnings to Fixed Charges

     0.83     1.37     1.33     1.68     1.43  
    (1)
    The earnings from equity investments in 2012 includes the Company's portion (approximately $7 million) of an impairment related charge that was recoreded by an equity investee.

    (2)
    Reflects the Company's portion of loss related to an impairment and recorded in "Write-down of investments and land held for sale" in the Consolidated Statement of Income.



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The McClatchy Company COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO (in thousands, except ratio data)