EX-12 3 ex-12.txt COMPUTATION OF RATIOS Exhibit 12 THE NEW YORK TIMES COMPANY Ratio of Earnings to Fixed Charges (Dollars in thousands, except ratios) (Unaudited)
For the Three Months Ended For the Six Months Ended 1-Jul-01 25-Jun-00 1-Jul-01 25-Jun-00 ------------- ------------- ----------- ----------- Earnings from continuing operatons before fixed charges Income before income taxes, discontinued operations and income from joint ventures (1) $ 39,062 $ 161,096 $140,005 $ 296,182 Distributed earnings from less than fifty percent owned affiliates 4,230 4,642 8,219 7,345 -------- --------- -------- --------- Adjusted pre-tax earnings from continuing operations 43,292 165,738 148,224 303,527 Fixed charges less capitalized interest 15,339 21,465 34,558 40,030 -------- --------- -------- --------- Earnings from continuing operatons before fixed charges $ 58,631 $ 187,203 $182,782 $ 343,557 ======== ========= ======== ========= Fixed charges Interest expense, net of capitalized interest $ 12,137 $ 18,331 $ 28,172 $ 34,189 Capitalized interest 58 -- 58 -- Portion of rentals representative of interest factor 3,202 3,134 6,386 5,841 -------- --------- -------- --------- Total fixed charges $ 15,397 $ 21,465 $ 34,616 $ 40,030 ======== ========= ======== ========= Ratio of earnings to fixed charges 3.81 8.72 5.28 8.58 ======== ========= ======== =========
(1) The three-month and six-month periods ended July 1, 2001 include a $79.1 million charge for work force reduction expenses. Excluding work force reduction expenses, the ratio of earnings to fixed charges is 8.95 for the three-month period and 7.57 for the six-month period ended July 1, 2001.