EX-12 4 0004.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 THE NEW YORK TIMES COMPANY RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
Years Ended ----------------------------------------------------------------------- December 31, December 26, December 27, December 28, December 29, (In thousands, except ratio) 2000 1999 1998 1997 1996 ----------------------------------------------------------------------------------------------------------------------------------- Earnings from continuing operations before fixed charges Income before income taxes, income from joint ventures and an extraordinary item(1)(2) $657,172 $520,564 $484,506 $423,375 $179,686 Less gain on dispositions of assets and other - net (85,349) -- (18,452) (20,388) (42,836) Distributed earnings from less than fifty percent owned affiliates 19,375 13,061 18,192 14,982 16,957 Less pre-tax preferred stock dividends -- -- -- (129) (174) ----------------------------------------------------------------------------------------------------------------------------------- Adjusted pre-tax earnings from continuing operations 591,198 533,625 484,246 417,840 153,633 Fixed charges less capitalized interest 81,016 63,448 56,594 55,304 40,821 ----------------------------------------------------------------------------------------------------------------------------------- Earnings from continuing operations before fixed charges $672,214 $597,073 $540,840 $473,144 $194,454 ----------------------------------------------------------------------------------------------------------------------------------- Fixed charges Interest expense, net of capitalized interest $ 68,566 $ 52,503 $ 46,927 $ 45,039 $ 30,759 Capitalized interest -- -- 173 5,394 19,574 Less pre-tax preferred stock dividends -- -- -- 129 174 Portion of rentals representative of interest factor 12,450 10,945 9,667 10,136 9,888 ----------------------------------------------------------------------------------------------------------------------------------- Total fixed charges $ 81,016 $ 63,448 $ 56,767 $ 60,698 $ 60,395 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges 8.30 9.41 9.53 7.80 3.22 -----------------------------------------------------------------------------------------------------------------------------------
(1) 1998 excludes a $13.7 million pre-tax extraordinary item resulting from the early extinguishment of certain long term debt (see Note 6 of the Notes to the Consolidated Financial Statements). (2) 1996 includes a $126.8 million pre-tax noncash accounting charge related to SFAS No. 121, Accounting for Impairment of Long-Lived Assets and for Long-Lived Assets To Be Disposed Of.