EX-12 3 d51374_ex12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12

Exhibit 12

THE NEW YORK TIMES COMPANY
Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
(Unaudited)

For the Six
Months Ended		 For the Years Ended
June 30,
2002		 December
30, 2001		   December
31, 2000		   December
26, 1999		   December
27, 1998		   December
28, 1997		  
 
 
 
 
 
 
 
Earnings from continuing operations before                            
    fixed charges    
 
Income from continuing operations before income    
    taxes and income/loss from joint ventures       $220,604     $332,204     $637,830     $501,912     $454,423     $384,655  
Less: Gain on disposition of assets and other-net       2,500     5,000     85,349     —     18,452     20,388  
Distributed earnings from less than fifty–percent    
    owned affiliates       1,351     14,859     19,375     13,061     18,192     14,982  
Less: Pre-tax preferred stock dividends       —     —     —     —     —     129  
 
 
 
 
 
 
 
Adjusted pre-tax earnings from continuing    
    operations       219,455     342,063     571,856     514,973     454,163     379,120  
Fixed charges less capitalized interest       29,745     64,069     80,876     63,313     56,029     54,805  
 
 
 
 
 
 
 
Earnings from continuing operations before fixed    
    charges       $249,200     $406,132     $652,732     $578,286     $510,192     $433,925  
 
 
 
 
 
 
 
 
Fixed charges    
 
Interest expense, net of capitalized interest       $23,970     $51,405     $68,566     $52,503     $46,927     $45,039  
Capitalized interest       564     459     —     —     173     5,394  
Less: Pre-tax preferred stock dividends       —     —     —     —     —     129  
Portion of rentals representative of interest factor       5,775     12,664     12,310     10,810     9,102     9,895  
 
 
 
 
 
 
 
 
Total fixed charges       $30,309     $64,528     $80,876     $63,313     $56,202     $60,199  
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges       8.22     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.