EX-12 2 nytexh12.htm RATIO OF EARNINGS TO FIXED CHARGES NYT Exh. 12


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

 
 
For the Six Months Ended June 24, 2012
 
For the Years Ended
(In thousands, except ratio)
 
 
December 25, 2011
 
December 26, 2010
 
December 27, 2009
 
December 28, 2008
 
December 30, 2007
(Loss)/earnings from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
 
$
(104,179
)
 
$
123,434

 
$
130,881

 
$
(46,410
)
 
$
(143,150
)
 
$
48,042

Distributed earnings from less than fifty-percent owned affiliates
 
5,819

 
3,463

 
8,325

 
2,775

 
35,733

 
7,979

Adjusted pre-tax (loss)/earnings from continuing operations
 
(98,360
)
 
126,897

 
139,206

 
(43,635
)
 
(107,417
)
 
56,021

Fixed charges less capitalized interest
 
33,353

 
90,278

 
92,357

 
88,096

 
53,833

 
48,111

(Loss)/earnings from continuing operations before fixed charges
 
$
(65,007
)
 
$
217,175

 
$
231,563

 
$
44,461

 
$
(53,584
)
 
$
104,132

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest(1)
 
$
31,039

 
$
85,693

 
$
86,301

 
$
83,124

 
$
48,191

 
$
43,228

Capitalized interest
 
14

 
427

 
299

 
1,566

 
2,639

 
15,821

Portion of rentals representative of interest factor
 
2,314

 
4,585

 
6,056

 
4,972

 
5,642

 
4,883

Total fixed charges
 
$
33,367

 
$
90,705

 
$
92,656

 
$
89,662

 
$
56,472

 
$
63,932

Ratio of earnings to fixed charges(2)
 
—

 
2.39

 
2.50

 
—

 
—

 
1.63

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 25, 2011 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 2012, 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $98 million, $45 million and $110 million, respectively, due to certain charges in each year.