Income statements and balance sheets follow for The New York Times Company. Refer to these financial statements to answer the requirements.

A. Compute net operating profit after tax (NOPAT) for 2013 and 2012. Assume that combined federal and state statutory tax rates are 37% for both years.

B. Compute net operating assets (NOA) for 2013 and 2012.

C. Compute return on net operating assets (RNOA) for 2013 and 2012. Net operating assets are $412,630 thousand in 2011.

D. Compute return on common shareholders equity (ROE) for 2013 and 2012. Stockholders equity attributable to New York Times Company in 2011 is $506,360 thousand.

E. What is nonoperating return component of ROE for 2013 and 2012?

F. Comment on the difference between ROE and RNOA. What inference do you draw from this comparison?