EX-12 4 nytex12.htm RATIO OF EARNINGS TO FIXED CHARGES WebFilings | EDGAR view
 

EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)
 
 
 
For the Quarter Ended March 27, 2011
 
For the Years Ended
(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
 
$
12,381
 
 
$
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
 
12,381
 
 
166,511
 
 
(14,117
)
 
(53,248
)
 
154,707
 
 
(564,175
)
Fixed charges less capitalized interest
 
26,215
 
 
92,888
 
 
88,608
 
 
55,038
 
 
49,228
 
 
68,747
 
Earnings/(loss) from continuing operations before fixed charges
 
$
38,596
 
 
$
259,399
 
 
$
74,491
 
 
$
1,790
 
 
$
203,935
 
 
$
(495,428
)
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest (1)
 
$
24,750
 
 
$
86,301
 
 
$
83,124
 
 
$
48,191
 
 
$
43,228
 
 
$
58,581
 
Capitalized interest
 
305
 
 
299
 
 
1,566
 
 
2,639
 
 
15,821
 
 
14,931
 
Portion of rentals representative of interest factor
 
1,465
 
 
6,587
 
 
5,484
 
 
6,847
 
 
6,000
 
 
10,166
 
Total fixed charges
 
$
26,520
 
 
$
93,187
 
 
$
90,174
 
 
$
57,677
 
 
$
65,049
 
 
$
83,678
 
Ratio of earnings to fixed charges (2)
 
1.46
 
 
2.78
 
 
—
 
 
—
 
 
3.14
 
 
—
 
 
 
 
Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as the Annual Report on Form 10-K for the year ended December 26, 2010 for The New York Times Company (the "Company").
 
(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, 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.