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 --------------------------------------------------------------------------- (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 -- -- -- -- 10,324 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) $(302,796) ======== ======== ========= ========= ========= 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 of earnings to fixed charges $ 62,344 $119,389 $ 198,472 $ 255,033 $ 417,583 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 $ 463,568 For the Nine Months Ended September 30, 2003 ------------- (Numbers in thousands, except ratios) Earnings: Pretax loss from continuing operations $(78,437)(3) Add: Interest and other financial charges expended 26,573 Amortization of capitalized interest 8,740 Interest factor attributable to rentals 1,006 -------- Earnings, as adjusted, from continuing operations $(42,118)(3) ======== Fixed charges: Interest and other financial charges expended $ 26,573 Interest capitalized -- Interest factor attributable to rentals 1,006 -------- Total fixed charges $ 27,579 ======== Ratio of earnings to fixed charges (1) -- (3) Deficiency of earnings to fixed charges $ 69,697 (3) Fixed charges from above $ 27,579 Preferred stock dividends 88,208 (4) -------- Combined fixed charges and preferred stock dividends $115,787 (4) ======== Ratio of earnings to combined fixed charges and preferred stock dividends(2) -- (3)(4) Deficiency of earnings to combined fixed charges and preferred stock dividends $157,905 (3)(4)
(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.