EX-12 3 ex1210k2014.htm RATIO OF EARNINGS TO FIXED CHARGES EX 12 (10K 2014)

EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)  

(In thousands, except ratio)
December 28,
2014

 
December 29,
2013

 
December 30,
2012

 
December 25,
2011

 
December 26,
2010

Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
$
38,218

 
$
98,014

 
$
255,621

 
$
66,283

 
$
52,474

Distributed earning from less than fifty-percent owned affiliates
3,914

 
1,400

 
9,251

 
3,463

 
8,325

Adjusted pre-tax earnings/(loss) from continuing operations
42,132

 
99,414

 
264,872

 
69,746

 
60,799

Fixed charges less capitalized interest
62,869

 
63,032

 
67,243

 
90,252

 
92,143

Earnings/(loss) from continuing operations before fixed charges
$
105,001

 
$
162,446

 
$
332,115

 
$
159,998

 
$
152,942

Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized
interest(1)
$
58,914

 
$
59,588

 
$
63,218

 
$
85,693

 
$
86,291

Capitalized interest
152

 
—

 
17

 
427

 
299

Portion of rentals representative of interest factor
3,955

 
3,444

 
4,025

 
4,559

 
5,852

Total fixed charges
$
63,021

 
$
63,032

 
$
67,260

 
$
90,679

 
$
92,442

Ratio of earnings to fixed charges
1.67

 
2.58

 
4.94

 
1.76

 
1.65

Note:
The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K for the fiscal year ended December 28, 2014.
(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.