How do I calculate the NOPAT FOR 2016 AND 2015 – TAX RATE IS 37%? Consolidated Statements of Income Fiscal year ended (in thousands) Dec. 29, 2016 Dec. 30, 2015

How do I calculate the NOPAT FOR 2016 AND 2015 – TAX RATE IS 37%? Consolidated Statements of Income Fiscal year ended (in thousands) Dec. 29, 2016 Dec. 30, 2015 Revenues Circulation $880,543 $851,790 Advertising 580,732 638,709 Other 94,067 88,716 Total revenues 1,555,342 1,579,215 Production costs Wages and benefits 363,051 354,516 Raw materials 72,325 77,176 Other 192,728 186,120 Total production costs 628,104 617,812 Selling, general and administrative costs 721,083 713,837 Depreciation and amortization 61,723 61,597 Total operating costs 1,410,910 1,393,246 Restructuring charge 14,804 0 Multiemployer pension plan withdrawal expense 6,730 9,055 Pension settlement charges 21,294 40,329 Early termination charge 0 0 Operating profit 101,604 136,585 Loss from joint ventures -36,273 -783 Interest expense, net 34,805 39,050 Income from continuing operations before income taxes 30,526 96,752 Income tax expense/(benefit) 4,421 33,910 Income from continuing operations 26,105 62,842 Loss from discontinued operations, net of income taxes -2,273 0 Net income 23,832 62,842 Net loss attributable to the noncontrolling interest 5,236 404 Net income attributable to The New York Times Company common stockholders $29,068 $63,246

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