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 Nine Months Ended September 23, 2012
 
For the Years Ended
(In thousands, except ratio)
 
 
December 25, 2011
 
December 26, 2010
 
December 27, 2009
 
December 28, 2008
 
December 30, 2007
Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
 
$
68,064

 
$
83,199

 
$
69,374

 
$
(96,691
)
 
$
(182,538
)
 
$
13,338

Distributed earnings from less than fifty-percent owned affiliates
 
7,795

 
3,463

 
8,325

 
2,775

 
35,733

 
7,979

Adjusted pre-tax earnings/(loss) from continuing operations
 
75,859

 
86,662

 
77,699

 
(93,916
)
 
(146,805
)
 
21,317

Fixed charges less capitalized interest
 
50,469

 
90,247

 
92,245

 
87,769

 
53,226

 
47,918

Earnings/(loss) from continuing operations before fixed charges
 
$
126,328

 
$
176,909

 
$
169,944

 
$
(6,147
)
 
$
(93,579
)
 
$
69,235

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest(1)
 
$
46,628

 
$
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
 
3,841

 
4,554

 
5,944

 
4,645

 
5,035

 
4,690

Total fixed charges
 
$
50,483

 
$
90,674

 
$
92,544

 
$
89,335

 
$
55,865

 
$
63,739

Ratio of earnings to fixed charges(2)
 
2.50

 
1.95

 
1.84

 
—

 
—

 
1.09

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 2009 and 2008, earnings were inadequate to cover fixed charges by approximately $95 million and $149 million, respectively, due to certain charges in each year.