Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - MCCLATCHY CO | mni-20171231ex32289fc52.htm |
| EX-32.1 - EX-32.1 - MCCLATCHY CO | mni-20171231ex3213c5bb5.htm |
| EX-31.2 - EX-31.2 - MCCLATCHY CO | mni-20171231ex312957964.htm |
| EX-31.1 - EX-31.1 - MCCLATCHY CO | mni-20171231ex311ea064c.htm |
| EX-23 - EX-23 - MCCLATCHY CO | mni-20171231xex23.htm |
| EX-21 - EX-21 - MCCLATCHY CO | mni-20171231ex21dbc0b58.htm |
| 10-K - 10-K - MCCLATCHY CO | mni-20171231x10k.htm |
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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|
|
December 31, |
|
December 25, |
|
December 27, |
|
December 28, |
|
December 29, |
|
|||||
|
|
2017 |
|
2016 |
|
2015 |
|
2014 |
|
2013 |
|
|||||
|
Fixed Charge Computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense |
$ |
81,501 |
|
$ |
83,168 |
|
$ |
85,973 |
|
$ |
127,503 |
|
$ |
135,381 |
|
|
Plus: capitalized interest |
|
5 |
|
|
323 |
|
|
100 |
|
|
434 |
|
|
798 |
|
|
Gross interest |
|
81,506 |
|
|
83,491 |
|
|
86,073 |
|
|
127,937 |
|
|
136,179 |
|
|
Interest on unrecognized tax benefits |
|
(1,064) |
|
|
(470) |
|
|
293 |
|
|
(131) |
|
|
735 |
|
|
Amortization of debt discount |
|
(2,772) |
|
|
(3,024) |
|
|
(3,550) |
|
|
(6,063) |
|
|
(6,673) |
|
|
Interest component of rent expense |
|
5,630 |
|
|
5,528 |
|
|
4,319 |
|
|
4,859 |
|
|
4,585 |
|
|
Total fixed charges |
|
83,300 |
|
|
85,525 |
|
|
87,135 |
|
|
126,602 |
|
|
134,826 |
|
|
Earnings Computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income (loss) from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
before income taxes (1) |
|
(226,899) |
|
|
(47,258) |
|
|
(311,959) |
|
|
607,207 |
|
|
28,103 |
|
|
Earnings of equity investments |
|
1,698 |
|
|
(12,492) |
|
|
(10,086) |
|
|
(19,084) |
|
|
(42,651) |
|
|
Impairment related charge recorded by equity investee (2) |
|
— |
|
|
— |
|
|
7,500 |
|
|
— |
|
|
— |
|
|
Interest on unrecognized tax benefits |
|
1,064 |
|
|
470 |
|
|
(293) |
|
|
131 |
|
|
(735) |
|
|
Distributed income of equity investees (3) |
|
7,318 |
|
|
6,000 |
|
|
14,960 |
|
|
162,329 |
|
|
42,436 |
|
|
Add: fixed charges |
|
83,300 |
|
|
85,525 |
|
|
87,135 |
|
|
126,602 |
|
|
134,826 |
|
|
Less: capitalized interest |
|
(5) |
|
|
(323) |
|
|
(100) |
|
|
(434) |
|
|
(798) |
|
|
Total earnings (loss) as adjusted |
$ |
(133,524) |
|
$ |
31,922 |
|
$ |
(212,843) |
|
$ |
876,751 |
|
$ |
161,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio Of Earnings to Fixed Charges (4) |
|
— |
|
|
0.37 |
|
|
— |
|
|
6.93 |
|
|
1.20 |
|
|
(1) |
The income from continuing operations before taxes in 2017 includes non-cash impairment charges of $23.4 million for intangibles and inventory and non-cash impairment charges for equity investees for $170.0 million; 2016 includes non-cash impairment charges of $9.2 million for intangibles; 2015 includes non-cash impairment charges of $304.8 million for goodwill and intangibles; 2014 includes a gain on sale of our equity investments of $561.0 million; and 2013 includes non-cash impairment charges of $17.2 million for intangibles and property, plant and equipment. |
|
(2) |
Reflects the Company's portion of loss related to an impairment and it is recorded in "Equity income in unconsolidated companies, net" in the Consolidated Statements of Operations. |
|
(3) |
The distributed income of equity investees in 2014 includes the Company's portion (approximately $147 million) of Classified Ventures LLP's sale of the Apartments.com business. |
|
(4) |
Earnings were inadequate to cover fixed charges by $134 million for the year ended December 31, 2017, as a result of non-cash charges of $193.4 million. Earnings were inadequate to cover fixed charges by $214 million for the year ended December 27, 2015, as a result of non-cash charges of $304.8 million. |