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, |
||||||||||||||||||||||||
|
1999 |
2000 |
2001 |
2002 |
2003 |
For the Three Months Ended March 31, 2004 |
|||||||||||||||||||
| (Numbers in thousands, except ratios) | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Earnings: |
||||||||||||||||||||||||
|
Pretax loss from continuing operations |
$ | (62,822 | ) | $ | (134,744 | ) | $ | (235,763 | ) | $ | (422,481 | ) | $ | (226,215 | ) | $ | (141,538 | )(2) | ||||||
|
Add: |
||||||||||||||||||||||||
|
Interest and other financial charges expended |
16,806 | 33,595 | 89,686 | 106,163 | 50,510 | 23,699 | ||||||||||||||||||
|
Amortization of capitalized interest |
— | — | — | 10,324 | 11,653 | 2,913 | ||||||||||||||||||
|
Interest factor attributable to rentals |
1,244 | 1,678 | 2,743 | 3,198 | 1,101 | 254 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Earnings, as adjusted, from continuing operations |
$ | (44,772 | ) | $ | (99,471 | ) | $ | (143,334 | ) | $ | (302,796 | ) | $ | (162,951 | ) | $ | (114,672 | )(2) | ||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Fixed charges: |
||||||||||||||||||||||||
|
Interest and other financial charges expended |
$ | 16,806 | $ | 33,595 | $ | 89,686 | $ | 106,163 | $ | 50,510 | $ | 23,699 | ||||||||||||
|
Interest capitalized |
56,567 | 63,728 | 19,270 | 5,426 | — | — | ||||||||||||||||||
|
Interest factor attributable to rentals |
1,244 | 1,678 | 2,743 | 3,198 | 1,101 | 254 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total fixed charges |
$ | 74,617 | $ | 99,001 | $ | 111,699 | $ | 114,787 | $ | 51,611 | $ | 23,953 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Ratio of earnings to fixed charges(1) |
— | — | — | — | — | — | ||||||||||||||||||
|
Deficiency (sufficiency) of earnings to |
$ | 119,389 | $ | 198,472 | $ | 255,033 | $ | 417,583 | $ | 214,562 | $ | 138,625 | ||||||||||||
|
|
||||||||||||||||||||||||
| (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) | The year ended December 31, 2003 includes the effects of other income of $256.5 million associated with our March 2003 debt restructuring. |