EX-12 3 ex1210k2015.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)  

(In thousands, except ratio)
December 27,
2015

 
December 28,
2014

 
December 29,
2013

 
December 30,
2012

 
December 25,
2011

Earnings/(loss) from continuing operations before fixed charges
 
 
 
 
 
 
 
 
 
Earnings/(loss) from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
$
97,535

 
$
38,218

 
$
98,014

 
$
255,621

 
$
66,283

Distributed earning from less than fifty-percent owned affiliates
—

 
3,914

 
1,400

 
9,251

 
3,463

Adjusted pre-tax earnings/(loss) from continuing operations
97,535

 
42,132

 
99,414

 
264,872

 
69,746

Fixed charges less capitalized interest
50,719

 
62,869

 
63,032

 
67,243

 
90,252

Earnings/(loss) from continuing operations before fixed charges
$
148,254

 
$
105,001

 
$
162,446

 
$
332,115

 
$
159,998

Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized
interest(1)
$
46,391

 
$
58,914

 
$
59,588

 
$
63,218

 
$
85,693

Capitalized interest
338

 
152

 
—

 
17

 
427

Portion of rentals representative of interest factor
4,328

 
3,955

 
3,444

 
4,025

 
4,559

Total fixed charges
$
51,057

 
$
63,021

 
$
63,032

 
$
67,260

 
$
90,679

Ratio of earnings to fixed charges
2.90

 
1.67

 
2.58

 
4.94

 
1.76

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 27, 2015.
(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.