EX-12 3 nytexh12_3302014.htm RATIO OF EARNINGS TO FIXED CHARGES NYT Exh 12_3.30.2014


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

 
 
For the Three Months Ended March 30, 2014
 
For the Years Ended
(In thousands, except ratio)
 
 
December 29, 2013
 
December 30, 2012
 
December 25, 2011
 
December 26, 2010
 
December 27, 2009
Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
 
$
8,758

 
$
98,014

 
$
255,621

 
$
66,283

 
$
52,474

 
$
(88,392
)
Distributed earnings from less than fifty-percent owned affiliates
 
—

 
1,400

 
9,251

 
3,463

 
8,325

 
2,775

Adjusted pre-tax earnings/(loss) from continuing operations
 
8,758

 
99,414

 
264,872

 
69,746

 
60,799

 
(85,617
)
Fixed charges less capitalized interest
 
15,278

 
63,032

 
67,243

 
90,252

 
92,143

 
87,475

Earnings/(loss) from continuing operations before fixed charges
 
$
24,036

 
$
162,446

 
$
332,115

 
$
159,998

 
$
152,942

 
$
1,858

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest(1)
 
$
14,241

 
$
59,588

 
$
63,218

 
$
85,693

 
$
86,291

 
$
83,118

Capitalized interest
 
—

 
—

 
17

 
427

 
299

 
1,566

Portion of rentals representative of interest factor
 
1,037

 
3,444

 
4,025

 
4,559

 
5,852

 
4,357

Total fixed charges
 
$
15,278

 
$
63,032

 
$
67,260

 
$
90,679

 
$
92,442

 
$
89,041

Ratio of earnings to fixed charges
 
1.57

 
2.58

 
4.94

 
1.76

 
1.65

 
0.02

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 29, 2013 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.