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New York Times Company 10-Q 2010
Ratio of Earnings to Fixed Charges

EXHIBIT 12

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges

(Unaudited)

 

     For the  Quarter
Ended

March 28, 2010
   For the Years Ended

(In thousands, except ratios)

      December 27,
2009
    December 28,
2008
    December 30,
2007
   December 31,
2006
    December 25,
2005

Earnings/(loss) from continuing operations before fixed charges

              

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

   $ 32,074    $ (16,892   $ (88,981   $ 146,728    $ (577,550   $ 390,772

Distributed earnings from less than fifty-percent owned affiliates

     3,075      2,775        35,733        7,979      13,375        9,132
                                            

Adjusted pre-tax earnings/(loss) from continuing operations

     35,149      (14,117     (53,248     154,707      (564,175     399,904

Fixed charges less capitalized interest

     22,660      88,608        55,038        49,228      68,747        64,211
                                            

Earnings/(loss) from continuing operations before fixed charges

   $ 57,809    $ 74,491      $ 1,790      $ 203,935    $ (495,428   $ 464,115
                                            

Fixed charges

              

Interest expense, net of capitalized interest(1)

   $ 20,964    $ 83,124      $ 48,191      $ 43,228    $ 58,581      $ 53,630

Capitalized interest

     —        1,566        2,639        15,821      14,931        11,155

Portion of rentals representative of interest factor

     1,696      5,484        6,847        6,000      10,166        10,581
                                            

Total fixed charges

   $ 22,660    $ 90,174      $ 57,677      $ 65,049    $ 83,678      $ 75,366
                                            

Ratio of earnings to fixed charges(2)

     2.55      —          —          3.14      —          6.16
                                            

 

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as The New York Times Company’s (the “Company”) Annual Report on Form 10-K for the year ended December 27, 2009.

 

(1) 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.
(2) In 2009, 2008 and 2006, earnings were inadequate to cover fixed charges because of certain charges recorded in the respective year.
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