Exhibit 12.1
SIRIUS SATELLITE RADIO INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
For the Year Ended December 31,
1998 1999 2000 2001 2002
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(Numbers in thousands, except ratios)
Earnings:
Pretax loss from continuing operations $(46,101) $(62,822) $(134,744) $(235,763) $(422,481)
Add:
Interest and other financial charges
expended 14,272 16,806 33,595 89,686 106,163
Amortization of capitalized interest -- -- -- -- 7,154
Interest factor attributable to rentals 496 1,244 1,678 2,743 3,198
-------- -------- --------- --------- ---------
Earnings, as adjusted, from continuing
operations $(31,333) $(44,772) $ (99,471) $(143,334) $(305,966)
======== ======== ========= ========= =========
Fixed charges:
Interest and other financial charges
expended $ 14,272 $ 16,806 $ 33,595 $ 89,686 $ 106,163
Interest capitalized 16,243 56,567 63,728 19,270 5,426
Interest factor attributable to rentals 496 1,244 1,678 2,743 3,198
-------- -------- --------- --------- ---------
Total fixed charges $ 31,011 $ 74,617 $ 99,001 $ 111,699 $ 114,787
======== ======== ========= ========= =========
Ratio of earnings to fixed charges (1) -- -- -- -- --
Deficiency (sufficiency) of earnings to
fixed charges $ 62,344 $119,389 $ 198,472 $ 255,033 $ 420,753
Fixed charges from above $ 31,011 $ 74,617 $ 99,001 $ 111,699 $ 114,787
Preferred stock dividends 37,557 34,159 48,971 42,156 45,985
-------- -------- --------- --------- ---------
Combined fixed charges and preferred
stock dividends $ 68,568 $108,776 $ 147,972 $ 153,855 $ 160,772
======== ======== ========= ========= =========
Ratio of earnings to combined fixed
charges and preferred stock dividends(2) -- -- -- -- --
Deficiency of earnings to combined
fixed charges and preferred stock
dividends $ 99,901 $153,548 $ 247,443 $ 297,189 $ 466,738
For the Six
Months
Ended
June 30,
2003
-------------
(Numbers in thousands,
except ratios)
Earnings:
Pretax loss from continuing operations $ 28,252 (3)
Add:
Interest and other financial charges
expended 22,030
Amortization of capitalized interest 4,263
Interest factor attributable to rentals 1,480
--------
Earnings, as adjusted, from continuing
operations $ 56,025 (3)
========
Fixed charges:
Interest and other financial charges
expended $ 22,030
Interest capitalized --
Interest factor attributable to rentals 1,480
--------
Total fixed charges $ 23,510
========
Ratio of earnings to fixed charges (1) 2.4 (3)
Deficiency (sufficiency) of earnings to
fixed charges $(32,515)
Fixed charges from above $ 23,510
Preferred stock dividends 88,208 (4)
--------
Combined fixed charges and preferred
stock dividends $111,718 (4)
========
Ratio of earnings to combined fixed
charges and preferred stock dividends(2) -- (4)
Deficiency of earnings to combined
fixed charges and preferred stock
dividends $ 55,693
(1) No figure is provided for any period during which the applicable ratio was
less than 1.00. Therefore earnings available for fixed charges were
inadequate to cover fixed charges for these periods.
(2) No figure is provided for any period during which the applicable ratio was
less than 1.00. Therefore earnings available for fixed charges and
preferred stock dividends were inadequate to cover fixed charges and
preferred stock dividends for these periods.
(3) Includes the effects of other income of $256.5 million associated with our
March 2003 debt restructuring.
(4) Includes the effects of a $79.5 million deemed dividend associated with
the exchange of our preferred stock for common stock and warrants in
March 2003.