EX-12 4 mni-20141228ex12a26c946.htm EX-12 mini_Ex_12

Exhibit 12

The McClatchy Company

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(in thousands of dollars, except ratio data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 28,

 

December 29,

 

December 30,

 

December 25,

 

December 26,

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

Fixed Charge Computation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net interest expense

$
127,503 

 

$
135,381 

 

$
151,334 

 

$
165,434 

 

$
177,641 

 

 Plus: capitalized interest

 
434 

 

 
798 

 

 
748 

 

 
193 

 

 
101 

 

 Gross interest

 
127,937 

 

 
136,179 

 

 
152,082 

 

 
165,627 

 

 
177,742 

 

Interest on unrecognized tax benefits

 
(131)

 

 
735 

 

 
11,689 

 

 
5,960 

 

 
(1,632)

 

Amortization of debt discount

 
(6,063)

 

 
(6,673)

 

 
(9,821)

 

 
(11,092)

 

 
(11,327)

 

Interest component of rent expense

 
4,859 

 

 
4,585 

 

 
5,666 

 

 
4,509 

 

 
5,021 

 

Total fixed charges

 
126,602 

 

 
134,826 

 

 
159,616 

 

 
165,004 

 

 
169,804 

 

Earnings Computation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 before income taxes (1)

 
607,207 

 

 
28,103 

 

 
(27,691)

 

 
56,463 

 

 
30,914 

 

Earnings of equity investments 

 
(19,084)

 

 
(42,651)

 

 
(31,935)

 

 
(27,762)

 

 
(11,752)

 

Impairment related charge recorded by equity investee (2)

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 
2,947 

 

Interest on unrecognized tax benefits

 
131 

 

 
(735)

 

 
(11,689)

 

 
(5,960)

 

 
1,632 

 

Distributed income of equity investees (3)

 
162,329 

 

 
42,436 

 

 
38,600 

 

 
31,625 

 

 
24,274 

 

Add: fixed charges

 
126,602 

 

 
134,826 

 

 
159,616 

 

 
165,004 

 

 
169,804 

 

Less: capitalized interest

 
(434)

 

 
(798)

 

 
(748)

 

 
(193)

 

 
(101)

 

Total earnings as adjusted

$
876,751 

 

$
161,181 

 

$
126,153 

 

$
219,176 

 

$
217,718 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio Of Earnings to Fixed Charges

 
6.93 

 

 
1.20 

 

 
0.79 

 

 
1.33 

 

 
1.28 

 

(1)

The income from continuing operations before taxes in 2014 includes a gains on sale of our equity investments of $561.0 million.

(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.

(3)

The distributed income of equity investees in 2014 includes the Company's portion (approximately $147 million) of Classified Ventures LLP's sale of the Apartments.com buisiness.