NEW YORK TIMES CO - FORM 10-Q - EX-12 - RATIO OF EARNINGS TO FIXED CHARGES - October 28, 2010

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EXHIBIT 12

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges

(Unaudited)

 

      For the Nine Months
Ended
September 26, 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

    $ 69,779       $ (16,892 )    $ (88,981 )    $ 146,728       $ (577,550 )    $ 390,772   

Distributed earnings from less than fifty- percent owned affiliates

      6,325         2,775        35,733        7,979         13,375        9,132   
                                                  

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

      76,104         (14,117 )      (53,248 )      154,707         (564,175 )      399,904   

Fixed charges less capitalized interest

      67,866         88,608        55,038        49,228         68,747        64,211   
                                                  

Earnings/(loss) from continuing operations before fixed charges

    $ 143,970       $ 74,491      $ 1,790      $ 203,935       $ (495,428 )    $ 464,115   
                                                  

Fixed charges

               

Interest expense, net of capitalized interest(1)

    $ 62,876       $ 83,124      $ 48,191      $ 43,228       $ 58,581      $ 53,630   

Capitalized interest

      100         1,566        2,639        15,821         14,931        11,155   

Portion of rentals representative of interest factor

      4,990         5,484        6,847        6,000         10,166        10,581   
                                                  

Total fixed charges

    $ 67,966       $ 90,174      $ 57,677      $ 65,049       $ 83,678      $ 75,366   
                                                  

Ratio of earnings to fixed charges(2)

      2.12         —          —          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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