P. 38 – THE NEW YORK TIMES COMPANY Years Ended % Change December 28, 2014 December 29, 2013 December 30, 2012 14-13 13-12 Operating costs $ 1,484,505 $ 1,411,744 $ 1,441,410 5.2 (2.1) Less: Depreciation & amortization 79,455 78,477 78,980 Severance 36,082 12,382 12,267 Non-operating retirement costs 36,697 20,791 44,517 Adjusted operating costs $ 1,332,271 $ 1,300,094 $ 1,305,646 2.5 (0.4) Years Ended % Change (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 14-13 13-12 Operating profit $ 91,948 $ 156,087 $ 103,654 (41.1) 50.6 Add: Depreciation & amortization 79,455 78,477 78,980 Severance 36,082 12,382 12,267 Non-operating retirement costs 36,697 20,791 44,517 Special items: Early termination charge 2,550 GLYPH<151> GLYPH<151> Pension settlement charge 9,525 3,228 47,657 Multiemployer pension plan withdrawal expense GLYPH<151> 6,171 GLYPH<151> Other expense GLYPH<151> GLYPH<151> 2,620 Adjusted operating profit $ 256,257 $ 277,136 $ 289,695 (7.5) (4.3) Years Ended % Change (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 14-13 13-12 Diluted earnings per share from continuing operations $ 0.21 $ 0.36 $ 1.07 (41.7) (66.4) Add: Severance 0.13 0.05 0.04 Non-operating retirement costs 0.13 0.08 0.17 Special items: Early termination charge 0.01 GLYPH<151> GLYPH<151> Reduction in uncertain tax positions (0.13) GLYPH<151> GLYPH<151> Pension settlement charge 0.04 0.01 0.18 Multiemployer pension plan withdrawal expense GLYPH<151> 0.02 GLYPH<151> Impairment charge 0.04 GLYPH<151> 0.02 Gain on sale of investments GLYPH<151> GLYPH<151> (0.87) Other expense GLYPH<151> GLYPH<151> 0.01 Adjusted diluted earnings per share from continuing operations $ 0.43 $ 0.52 $ 0.62 (17.3) (16.1) Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations) Reconciliation of operating profit before depreciation & amortization, severance, non-operating retirement costs and special items (or adjusted operating profit) Reconciliation of operating costs before depreciation & amortization, severance and non-operating retirement costs (or adjusted operating costs)