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EXHIBIT 12
A. H. BELO CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
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Nine months ended
Year Ended December 31, September 30,
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1995 1996 1997 1998 1999 1999 2000
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Earnings:
Earnings before income taxes
and the cumulative effect
of accounting charges $ 111,014 $ 144,040 $ 154,122 $ 130,460 $ 276,453 $ 162,148(2) $ 120,349
Add: Total fixed charges 32,089 29,009 94,069 112,082 116,032 84,165 102,538
Less: Interest capitalized 957 255 510 1,680 2,552 2,168 2,129
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Adjusted earnings $ 142,146 $ 172,794 $ 247,681 $ 240,862 $ 389,933 $ 244,145 $ 220,758
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Fixed Charges:
Interest $ 30,944 $ 27,898 $ 91,288 $ 109,318 $ 113,160 $ 82,259 $ 100,712
Portion of rental expense
representative of the
interest factor (1) 1,145 1,111 2,781 2,764 2,872 1,905 1,826
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Total fixed charges $ 32,089 $ 29,009 $ 94,069 $ 112,082 $ 116,032 $ 84,164 $ 102,538
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Ratio of Earnings to Fixed Charges 4.43 x 5.96 x 2.63 x 2.15 x 3.36 x 2.90 x 2.15 x
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(1) For purposes of calculating fixed charges, an interest factor of one
third was applied to total rent expense for the period indicated.
(2) Earnings before income taxes and the cumulative effect of accounting
changes includes a gain of $50,312 related to the June 1, 1999 sale of
television station KXTV. Excluding this item, the Ratio of Earnings to
Fixed Charges is 2.30 times.
