EX-12 4 ex12.txt EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 THE NEW YORK TIMES COMPANY RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS, EXCEPT RATIOS) (Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED ----------------------------- ----------------------------- SEPTEMBER 30, SEPTEMBER 24, SEPTEMBER 30, SEPTEMBER 24, 2001 2001 2001 2001 ------------- ------------- ------------- ------------- EARNINGS FROM CONTINUING OPERATIONS BEFORE FIXED CHARGES Income before income taxes, discontinued operations and income from joint ventures (1) $ 71,262 $ 117,317 $ 211,267 $ 413,500 Distributed earnings from less than fifty percent owned affiliates 3,511 5,585 11,730 12,930 ------------- ------------- ------------- ------------- Adjusted pre-tax earnings from continuing operations 74,773 122,902 222,997 426,430 Fixed charges less capitalized interest 15,306 21,305 49,429 61,006 ------------- ------------- ------------- ------------- EARNINGS FROM CONTINUING OPERATIONS BEFORE FIXED CHARGES $ 90,079 $ 144,207 $ 272,426 $ 487,436 ============= ============= ============= ============= FIXED CHARGES Interest expense, net of capitalized interest $ 12,249 $ 18,110 $ 39,986 $ 51,970 Capitalized interest 91 -- 149 -- Portion of rentals representative of interest factor 3,057 3,195 9,443 9,036 ------------- ------------- ------------- ------------- TOTAL FIXED CHARGES $ 15,397 $ 21,305 $ 49,578 $ 61,006 ============= ============= ============= ============= RATIO OF EARNINGS TO FIXED CHARGES 5.85 6.77 5.49 7.99 ============= ============= ============= =============
(1) The three-month and nine-month periods ended September 30, 2001, include work force reduction expenses of $5.4 million and $84.5 million and the three-month and nine-month periods ended September 24, 2000, include work force reduction expenses of $2.9 million. Excluding work force reduction expenses, the ratio of earnings to fixed charges is 6.20 and 7.20 for the three-month and nine-month periods ended September 30, 2001, compared with 6.90 and 8.04 for the comparable prior year periods.