EX-12 10 a2039491zex-12.htm COMP OF EARNINGS Prepared by MERRILL CORPORATION www.edgaradvantage.com
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EXHIBIT 12


TRIBUNE COMPANY


COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)

 
   Fiscal Year Ended December
 
   2000
   1999
   1998
   1997
   1996
Income from continuing operations, before cumulative effect of accounting change (1)   $ 310,401   $ 1,449,962   $ 389,197   $ 372,759   $ 259,838
Add:                              
  Income tax expense     270,351     933,981     272,660     250,265     175,071
  Losses on equity investments     79,374     40,083     33,980     34,696     13,281
  Minority interest expense, net of tax     16,335     —     —     —     —
   
 
 
 
 
  Subtotal     676,461     2,424,026     695,837     657,720     448,190
   
 
 
 
 
Fixed charge adjustments                              
Add:                              
  Interest expense     240,708     113,031     88,451     86,502     47,779
  Amortization of capitalized interest     4,012     2,065     2,068     2,076     2,108
  Interest component of rental expense (2)     18,620     9,312     8,871     8,792     8,313
   
 
 
 
 
Earnings, as adjusted   $ 939,801   $ 2,548,434   $ 795,227   $ 755,090   $ 506,390
   
 
 
 
 
Fixed charges:                              
  Interest expense   $ 240,708   $ 113,031   $ 88,451   $ 86,502   $ 47,779
  Interest capitalized     1,950     1,117     1,897     224     168
  Interest component of rental expense (2)     18,620     9,312     8,871     8,792     8,313
  Interest related to guaranteed ESOP debt (3)     10,718     13,146     15,578     17,901     20,134
   
 
 
 
 
Total fixed charges   $ 271,996   $ 136,606   $ 114,797   $ 113,419   $ 76,394
   
 
 
 
 
Ratio of earnings to fixed charges (1)     3.5     18.7     6.9     6.7     6.6
   
 
 
 
 
(1)
Income from continuing operations, before cumulative effect of accounting change, included a non-operating net loss of $93.1 million in 2000, and non-operating net gains of $1,067.6 million in 1999, $63.5 million in 1998, $68.9 million in 1997, and $6.0 million in 1996. Excluding these non-operating items, the ratio of earnings to fixed charges was 4.0 in 2000, 5.8 in 1999, 5.9 in 1998, 5.7 in 1997, and 6.6 in 1996. See Note 2 to the Company's Consolidated Financial Statements and the Eleven Year Financial Summary for further discussion of these non-operating items.

(2)
Represents a reasonable approximation of the interest cost component of rental expense incurred by the Company.

(3)
Tribune Company guarantees the debt of its Employee Stock Ownership Plan ("ESOP").

89



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TRIBUNE COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)