EX-12 3 ex12_3272016.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12
The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)  

 
 
For the Three Months Ended
 
For the Years Ended
(In thousands, except ratio)
March 27,
2016

 
December 27,
2015

 
December 28,
2014

 
December 29,
2013

 
December 30,
2012

Earnings from continuing operations before fixed charges:
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures
$
18,659

 
$
97,535

 
$
38,218

 
$
98,014

 
$
255,621

Distributed earning from less than fifty-percent owned affiliates
—

 
—

 
3,914

 
1,400

 
9,251

Adjusted pre-tax earnings from continuing operations
18,659

 
97,535

 
42,132

 
99,414

 
264,872

Fixed charges less capitalized interest
12,080

 
50,719

 
62,869

 
63,032

 
67,243

Earnings from continuing operations before fixed charges
$
30,739

 
$
148,254

 
$
105,001

 
$
162,446

 
$
332,115

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized
interest(1)
$
11,059

 
$
46,391

 
$
58,914

 
$
59,588

 
$
63,218

Capitalized interest
116

 
338

 
152

 
—

 
17

Portion of rentals representative of interest factor
1,021

 
4,328

 
3,955

 
3,444

 
4,025

Total fixed charges
$
12,196

 
$
51,057

 
$
63,021

 
$
63,032

 
$
67,260

Ratio of earnings to fixed charges
2.52

 
2.90

 
1.67

 
2.58

 
4.94

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.