EX-12 3 nytex12.htm RATIO OF EARNINGS TO FIXED CHARGES NYT Ex 12


EXHIBIT 12
THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Unaudited)

 
 
 
 
For the Years Ended
(In thousands, except ratio)
 
For the Nine
Months Ended September 25, 2011
 
December 26, 2010
 
December 27, 2009
 
December 28, 2008
 
December 30, 2007
 
December 31, 2006
Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
 
$
(94,950
)
 
$
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 (loss)/earnings from continuing operations
 
(94,950
)
 
166,511

 
(14,117
)
 
(53,248
)
 
154,707

 
(564,175
)
Fixed charges less capitalized interest
 
74,225

 
92,888

 
88,608

 
55,038

 
49,228

 
68,747

(Loss)/earnings from continuing operations before fixed charges
 
$
(20,725
)
 
$
259,399

 
$
74,491

 
$
1,790

 
$
203,935

 
$
(495,428
)
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest (1)
 
$
70,169

 
$
86,301

 
$
83,124

 
$
48,191

 
$
43,228

 
$
58,581

Capitalized interest
 
343

 
299

 
1,566

 
2,639

 
15,821

 
14,931

Portion of rentals representative of interest factor
 
4,056

 
6,587

 
5,484

 
6,847

 
6,000

 
10,166

Total fixed charges
 
$
74,568

 
$
93,187

 
$
90,174

 
$
57,677

 
$
65,049

 
$
83,678

Ratio of earnings to fixed charges(2)
 
—

 
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 the first nine months of 2011, earnings were inadequate to cover fixed charges by approximately $95 million mainly as a result of a non-cash impairment charge of $161.3 million at the News Media Group. 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.