$_{Earnings/(Loss) Per Shar}$e Foreign Currency Translation Recent Accounting Pronouncements Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders  by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except  that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect  of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive.  The two-class method is an earnings allocation method for computing earnings/(loss) per share when a  company’s capital structure includes either two or more classes of common stock or common stock and participating  securities. This method determines earnings/(loss) per share based on dividends declared on common stock and  participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any  undistributed earnings.  The assets and liabilities of foreign companies are translated at year-end exchange rates. Results of operations  are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included  as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption  “Accumulated other comprehensive loss, net of income taxes.” In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update  ("ASU") 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which  provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in  their financial statements. The new standard requires management to perform interim and annual assessments of an  entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial  statements. Further, an entity must provide certain disclosures if there is "substantial doubt about the entity's ability  to continue as a going concern.” The new guidance becomes effective for the Company for fiscal years ending on or  after December 26, 2016 and interim periods thereafter. Early adoption is permitted. We do not expect that the  adoption of the new accounting guidance will have a material impact on our financial condition and results of  operations.  In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a  single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers.  The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial  Reporting Standards. There are two transition options available to entities: the full retrospective approach or the  modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in  compliance with Accounting Standards Codification (“ASC”) 250, “Accounting Changes and Error Corrections”.  Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue  standard to be applied to existing contracts as of the effective date and record a cumulative catch-up adjustment to  retained earnings. The new guidance becomes effective for the Company for fiscal years beginning December 26,  2016. Early application is prohibited. We are currently in the process of evaluating the impact of the new revenue  guidance; however, we do not expect that the adoption of the new accounting guidance will have a material impact  on our financial condition and results of operations. In April 2014, the FASB issued ASU 2014-08, “Amendment of Discontinued Operations,” which amends the  definition of a discontinued operation in ASC 205-20, “Presentation of Financial Statements-Discontinued  Operations,” and requires entities to provide expanded disclosures on all disposal transactions. The new guidance is  effective for the Company for fiscal years beginning on or after December 29, 2014.  In July 2013, the FASB issued ASU 2013-11, which prescribes that a liability related to an unrecognized tax  benefit would be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax  credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In  situations in which a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at  the reporting date under the tax law of a jurisdiction or the tax law of a jurisdiction does not require it, and the  Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be  presented in the financial statements as a liability and should not be combined with deferred tax assets. At the  beginning of our 2014 fiscal year, we adopted ASU 2013-11 and it did not have a material impact on our financial  statements.  P. 70 – THE NEW YORK TIMES COMPANY