EX-12 4 a07-21269_1ex12.htm EX-12

EXHIBIT 12

THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges(a)
(Unaudited)

 

 

For the

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

For the Years Ended

 

 

 

Ended

 

December 31,

 

December 25,

 

December 26,

 

December 28,

 

December 29,

 

(In thousands, except ratios)

 

July 1, 2007(b)

 

2006(c)

 

2005

 

2004

 

2003

 

2002

 

Earnings from continuing operations before fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from continuing operations before income taxes, minority interest and income/loss from joint ventures

 

$

79,360

 

$

(571,262

)

$

397,495

 

$

429,065

 

$

464,851

 

$

452,517

 

Distributed earnings from less than fifty- percent owned affiliates

 

2,234

 

13,375

 

9,132

 

14,990

 

9,299

 

6,459

 

Adjusted pre-tax earnings from continuing operations

 

81,594

 

(557,887

)

406,627

 

444,055

 

474,150

 

458,976

 

Fixed charges less capitalized interest

 

26,188

 

69,245

 

64,648

 

54,222

 

56,886

 

59,225

 

Earnings from continuing operations before fixed charges

 

$

107,782

 

$

(488,642

)

$

471,275

 

$

498,277

 

$

531,036

 

$

518,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$

20,186

 

$

58,581

 

$

53,630

 

$

44,191

 

$

46,704

 

$

48,697

 

Capitalized interest

 

12,123

 

14,931

 

11,155

 

7,181

 

4,501

 

1,662

 

Portion of rentals representative of interest factor

 

6,002

 

10,664

 

11,018

 

10,031

 

10,182

 

10,528

 

Total fixed charges

 

$

38,311

 

$

84,176

 

$

75,803

 

$

61,403

 

$

61,387

 

$

60,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.81

 

—

 

6.22

 

8.11

 

8.65

 

8.51

 

(a)             The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as the Company’s Annual Report on Form 10-K for the year ended December 31, 2006.

(b)            The Company adopted FIN 48 on January 1, 2007 (see Note 5 of the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q). The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense.  The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

(c)             Earnings were inadequate to cover fixed charges by approximately $573 million for the year ended December 31, 2006, as a result of a non-cash impairment charge of approximately $814 million.