EX-12 5 a08-3879_2ex12.htm EX-12

EXHIBIT 12

The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)

    For the Years Ended  
(In thousands, except ratio)   December 30,
2007(a)
  December 31,
2006(b)
  December 25,
2005
  December 26,
2004
  December 28,
2003
 
Earnings from continuing
operations before fixed charges
 
Income/(loss) from continuing operations
before income taxes and income/loss
from joint ventures
  $ 187,587     $ (571,262 )   $ 397,495     $ 429,065     $ 464,851    
Distributed earnings from less than
fifty-percent owned affiliates
    7,979       13,375       9,132       14,990       9,299    
Adjusted pre-tax earnings from
continuing operations
    195,566       (557,887 )     406,627       444,055       474,150    
Fixed charges less capitalized interest     49,435       69,245       64,648       54,222       56,886    
Earnings from continuing operations before
fixed charges
  $ 245,001     $ (488,642 )   $ 471,275     $ 498,277     $ 531,036    
Fixed charges  
Interest expense, net of
capitalized interest
  $ 43,228     $ 58,581     $ 53,630     $ 44,191     $ 46,704    
Capitalized interest     15,821       14,931       11,155       7,181       4,501    
Portion of rentals representative
of interest factor
    6,207       10,664       11,018       10,031       10,182    
Total fixed charges   $ 65,256     $ 84,176     $ 75,803     $ 61,403     $ 61,387    
Ratio of earnings to fixed charges     3.75             6.22       8.11       8.65    

 

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K.

(a)  The Company adopted FIN 48 on January 1, 2007 (see Note 10 of the Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K). 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.

(b)  Earnings were inadequate to cover fixed charges by $573 million for the year ended December 31, 2006, as a result of a non-cash impairment charge of $814.4 million.

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