Attached files
Exhibit 12
THE MCCLATCHY COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
(in thousands of dollars, except ratio data)
Year Ended |
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Dec 26, 2010 |
Dec 27, 2009 |
Dec 28, 2008 |
Dec 30, 2007 |
Dec 31, 2006 |
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Fixed Charge Computation |
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Interest Expenses: |
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Net interest expense |
$ | 177,641 | $ | 127,276 | $ | 157,385 | $ | 197,997 | $ | 93,664 | ||||||||||
Plus Capitalized interest |
101 | 200 | 192 | 468 | 2,148 | |||||||||||||||
Gross interest |
177,742 | 127,476 | 157,577 | 198,465 | 95,812 | |||||||||||||||
Interest on Unrecognized Tax Benefits (1) |
(1,632 | ) | (920 | ) | (9,478 | ) | (7,270 | ) | | |||||||||||
Amortization of Debt Discount |
(11,327 | ) | (7,442 | ) | (4,911 | ) | (2,352 | ) | (1,174 | ) | ||||||||||
Interest Component of Rent Expense |
5,021 | 5,501 | 6,098 | 5,679 | 5,287 | |||||||||||||||
Total Fixed Charges |
$ | 169,804 | $ | 124,615 | $ | 149,286 | $ | 194,522 | $ | 99,925 | ||||||||||
Earnings Computation |
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Income from Continuing Operations |
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Before Income Taxes |
$ | 38,851 | $ | 89,411 | $ | 22,085 | $ | (2,883,191 | ) | $ | 270,885 | |||||||||
(Earnings) Losses of Equity Investments |
(11,752 | ) | (2,130 | ) | 14,021 | 36,899 | (4,951 | ) | ||||||||||||
Impairment Related Charge Recorded by Equity Investee (2) |
2,947 | 2,022 | 16,947 | | | |||||||||||||||
Interest on Unrecognized Tax Benefits |
1,632 | 920 | 9,478 | 7,270 | | |||||||||||||||
Distributed Income of Equity Investees |
24,274 | 1,135 | 1,740 | 7,424 | 4,345 | |||||||||||||||
Add: Fixed Charges |
169,804 | 124,615 | 149,286 | 194,522 | 99,925 | |||||||||||||||
Less: Capitalized Interest |
(101 | ) | (200 | ) | (192 | ) | (468 | ) | (2,148 | ) | ||||||||||
Total Earnings as Adjusted |
$ | 225,655 | $ | 215,773 | $ | 213,365 | $ | (2,637,544 | ) | $ | 368,056 | |||||||||
Ratio Of Earnings to Fixed Charges (3) |
1.33 | 1.73 | 1.43 | | 3.68 |
(1) | The Company began recording the interest on unrecognized tax benefits in interest expense in fiscal 2007 when it adopted FIN 48. |
(2) | Reflects the Companys portion of loss related to an impairment and recorded in Write-down of investments and land held for sale in the Consolidated Statement of Income. |
(3) | Earnings were inadequate to cover fixed charges by $2.8 billion for the year ended December 30, 2007, as a result of non-cash charges of $3.0 billion. |