EX-12 2 gsat-20141231xexx121.htm EXHIBIT 12.1 GSAT-2014.12.31-EX-12.1


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio)

 
 
 
Year Ended December 31,
 
 
 
2014
2013
2012
2011
2010
Earnings:
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(462,866
)
$
(591,116
)
$
(112,198
)
$
(54,924
)
$
(97,467
)
 
Fixed charges
 
51,301

85,046

61,802

59,171

52,283

 
Amortization of capitalized interest
 
16,643

17,580

11,135

8,265

3,648

 
Income tax expense (benefit)
 
881

1,138

413

(109
)
396

 
Loss (income) in equity investee
 
—

634

335

420

2,829

 
Less: interest capitalized
 
(7,945
)
(17,096
)
(40,116
)
(54,139
)
(47,122
)
 
 
 
 
 
 
 
 
Total earnings
 
$
(401,986
)
$
(503,814
)
$
(78,629
)
$
(41,316
)
$
(85,433
)
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expensed
 
$
43,233

$
67,828

$
21,506

$
4,824

$
5,021

 
Estimated interest component of rental expense
 
123

122

180

208

140

 
Interest capitalized
 
7,945

17,096

40,116

54,139

47,122

 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
51,301

$
85,046

$
61,802

$
59,171

$
52,283

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
*
*
*
*
*
 
 
 
 
 
 
 
 
Excess of fixed charges over earnings
 
$
453,287

$
588,860

$
140,431

$
100,487

$
137,716


* For these periods, earnings were inadequate to cover fixed charges.

(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.