EX-12 4 ex12.txt 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)
FOR THE QUARTER FOR THE YEARS ENDED ENDED -------------------------------------------------------------------- MARCH 31, DECEMBER 30, DECEMBER 31, DECEMBER 26, DECEMBER 27, DECEMBER 28, 2002 2001 2000 1999 1998 1997 ---------- ------------ ------------ ------------ ------------ ------------ EARNINGS FROM CONTINUING OPERATIONS BEFORE FIXED CHARGES Income from continuing operations before income taxes and income from joint ventures $ 89,226 $ 332,204 $ 637,830 $ 501,912 $ 454,423 $ 384,655 Less: Gain on disposition of assets and other-net 1,250 5,000 85,349 -- 18,452 20,388 Distributed earnings from less than fifty percent owned affiliates 150 14,859 19,375 13,061 18,192 14,982 Less: Pre-tax preferred stock dividends -- -- -- -- -- 129 ---------- ------------ ------------ ------------ ------------ ------------ Adjusted pre-tax earnings from continuing operations 88,126 342,063 571,856 514,973 454,163 379,120 Fixed charges less capitalized interest 14,419 64,069 80,876 63,313 56,029 54,805 ---------- ------------ ------------ ------------ ------------ ------------ Earnings from continuing operations before fixed charges $ 102,545 $ 406,132 $ 652,732 $ 578,286 $ 510,192 $ 433,925 ========== ============ ============ ============ ============ ============ FIXED CHARGES Interest expense, net of capitalized interest $ 11,567 $ 51,405 $ 68,566 $ 52,503 $ 46,927 $ 45,039 Capitalized interest 234 459 -- -- 173 5,394 Less: Pre-tax preferred stock dividends -- -- -- -- -- 129 Portion of rentals representative of interest factor 2,852 12,664 12,310 10,810 9,102 9,895 ---------- ------------ ------------ ------------ ------------ ------------ Fixed charges $ 14,653 $ 64,528 $ 80,876 $ 63,313 $ 56,202 $ 60,199 ========== ============ ============ ============ ============ ============ Ratio of earnings to fixed charges 7.00 6.29 8.07 9.13 9.08 7.21 ========== ============ ============ ============ ============ ============
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.