EX-12 5 a2072358zex-12.htm COMPUTATION OF RATIOS OF EARNINGS
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EXHIBIT 12

TRIBUNE COMPANY AND SUBSIDIARIES

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

		Fiscal Year Ended December
		2001		2000		1999		1998		1997
Income from continuing operations, before cumulative effect of accounting change (1)		$	111,136	$	310,401	$	1,449,962	$	389,197	$	372,759
Add:
	Income tax expense		157,815		270,351		933,981		272,660		250,265
	Losses on equity investments		60,813		79,374		40,083		33,980		34,696
	Distributed income from equity investees		21,784		9,693		—		—		—
	Minority interest expense, net of tax		—		16,335		—		—		—

	Subtotal		351,548		686,154		2,424,026		695,837		657,720

Fixed charge adjustments
Add:
	Interest expense		254,521		240,708		113,031		88,451		86,502
	Amortization of capitalized interest		2,989		4,012		2,065		2,068		2,076
	Interest component of rental expense (2)		22,853		18,620		9,312		8,871		8,792

Earnings, as adjusted		$	631,911	$	949,494	$	2,548,434	$	795,227	$	755,090

Fixed charges:
	Interest expense	$	254,521	$	240,708	$	113,031	$	88,451	$	86,502
	Interest capitalized		3,184		1,950		1,117		1,897		224
	Interest component of rental expense (2)		22,853		18,620		9,312		8,871		8,792
	Interest related to guaranteed ESOP debt (3)		8,192		10,718		13,146		15,578		17,901

Total fixed charges		$	288,750	$	271,996	$	136,606	$	114,797	$	113,419

Ratio of earnings to fixed charges (1)			2.2		3.5		18.7		6.9		6.7

(1): Income from continuing operations, before cumulative effect of accounting change, included a non-operating net loss of $45.7 million and after-tax restructuring charges of $92.6 million in 2001, 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 and $68.9 million in 1997. Excluding these non-operating items and the restructuring charges, the ratio of earnings to fixed charges was 3.0 in 2001, 4.0 in 2000, 5.8 in 1999, 5.9 in 1998 and 5.7 in 1997. See Note 2 to the Company's consolidated financial statements and the Eleven Year Financial Summary in Item 8 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").

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