Exhibit 12.1

SIRIUS SATELLITE RADIO INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

For the Year Ended December 31,

For the Six Months Ended June 30,

 

 

 

 

 

2000

2001

2002

2003

 

2004

2005

 

 

 

 

 

(Numbers in thousands, except ratios)

 

 

Earnings:

 

 

 

 

 

 

Pretax loss from continuing operations

 

$(134,744)

 

$(235,763)

 

$(422,481)

 

$(226,215)

$(707,961)

 

$(370,038)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other financial charges expended

33,595

 

89,686

 

106,163

 

50,510

 

41,386

14,526

Amortization of capitalized interest

 

-

 

-

 

10,324

 

11,653

 

11,653

 

5,855

Interest factor attributable to rentals

 

1,678

 

2,743

 

3,198

 

1,101

 

1,536

 

726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as adjusted, from continuing operations

$(99,471)

 

$(143,334)

 

$(302,796)

 

$(162,951)

$(653,386)

$(348,931)
                         

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

24,485

 

17,066

 

5,257

 

5,257

 

4,530

 

4,530

Interest exepnse, net of amounts capitalized

 

(33,595)

 

(89,686)

 

(106,163)

 

(106,163)

 

(80,689)

 

(80,689)

Debt restructuring

 

 

 

-

 

-

 

(8,448)

 

(8,448)

 

(1,905)

 

(1,905)

Gain on early extinguishment of debt

 

-

 

5,313

 

-

 

-

 

-

 

-

Total other income (expense)

 

(9,110)

 

(67,307)

 

(109,354)

 

(109,354)

 

(78,064)

 

(78,064)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(108,581)

 

(210,641)

 

(412,150)

 

(272,305)

 

(731,450)

 

(426,995)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

 

-

 

-

 

-

 

-

 

-

 

-

State

 

 

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest and other financial charges expended

 

$33,595

 

$89,686

 

$106,163

 

$50,510

 

$41,386

 

$14,526

Interest capitalized

 

 

 

63,728

 

19,270

 

5,426

 

-

 

-

 

-

Interest factor attributable to rentals

 

1,678

 

2,743

 

3,198

 

1,101

 

1,536

 

726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

$99,001

 

$111,699

 

$114,787

 

$51,611

 

$42,922

 

$15,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

-

 

-

 

-

 

-

 

-

 

-

Deficiency of earnings to fixed charges

$198,472

 

$255,033

 

$417,583

 

$214,562

 

$696,308

 

$364,183
Fixed charges from above
$99,001
$111,699
$114,787
$51,611
$42,922
$15,252
  Preferred stock dividends

48,971

 

42,156

 

45,985

 

88,208

 

-

 

-
 
  Combined fixed charges and preferred stock dividends

$147,972

 

$153,855

 

$160,772

 

$139,819

 

$42,922

 

$15,252

 
  Ratio of earnings to combined fixed charges and preferred
     stock dividends (2)
-
-
-
-
-
-
  Deficiency of earnings to combined fixed charges
     and preferred stock dividends
$247,443
$297,189
$463,568
$302,770
$696,308
$364,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(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.