EX-12 3 a2092701zex-12.htm EXHIBIT 12
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Exhibit 12


THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
(Unaudited)

 
    
   For the Years Ended
 
   For the Nine
Months Ended
September 29,
2002
 
   December 30,
2001
   December 31,
2000
   December 26,
1999
   December 27,
1998
   December 28,
1997
Earnings from continuing operations before fixed charges                                    

Income from continuing operations before income taxes and income/loss from joint ventures(A)
 
$
322,480
 
$
332,204
 
$
637,830
 
$
501,912
 
$
454,423
 
$
384,655
Distributed earnings from less than fifty-percent Owned affiliates     1,351     14,859     19,375     13,061     18,192     14,982
Less: Pre-tax preferred stock dividends     —     —     —     —     —     129
   
 
 
 
 
 
Adjusted pre-tax earnings from continuing operations     323,831     347,063     657,205     514,973     472,615     399,508
Fixed charges less capitalized interest     44,922     64,069     80,876     63,313     56,029     54,805
   
 
 
 
 
 
Earnings from continuing operations before fixed charges   $ 368,753   $ 411,132   $ 738,081   $ 578,286   $ 528,644   $ 454,313
   
 
 
 
 
 

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest expense, net of capitalized interest
 
$
36,401
 
$
51,405
 
$
68,566
 
$
52,503
 
$
46,927
 
$
45,039
Capitalized interest     882     459     —     —     173     5,394
Less: Pre-tax preferred stock dividends     —     —     —     —     —     129
Portion of rentals representative of interest factor     8,521     12,664     12,310     10,810     9,102     9,895
   
 
 
 
 
 
Total fixed charges   $ 45,804   $ 64,528   $ 80,876   $ 63,313   $ 56,202   $ 60,199
   
 
 
 
 
 
Ratio of earnings to fixed charges(A)     8.05     6.37     9.13     9.13     9.41     7.55
   
 
 
 
 
 
    (A)
    Income from continuing operations included non-operating net gains of $3.8 million for the first nine months of 2002, $5.0 million in 2001, $85.3 million in 2000, none in 1999, $18.5 million in 1998 and $20.4 million in 1997. Excluding non-operating net gains, the ratio of earnings to fixed charges were 7.97 for the first nine months of 2002, 6.29 in 2001, 8.07 in 2000, 9.13 in 1999, 9.08 in 1998 and 7.21 in 1997.

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Form 10-Q as well as the Company's Form 10-K for the period ended December 30, 2001.


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THE NEW YORK TIMES COMPANY Ratio of Earnings to Fixed Charges (Dollars in thousands, except ratios) (Unaudited)