EX-12.1 5 gsat-20151231xexx1211.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

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

 
 
 
Year Ended December 31,
 
 
 
2015 (Unaudited)
2014
2013
2012
2011
Earnings:
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
 
$
73,714

$
(461,985
)
$
(589,978
)
$
(111,785
)
$
(55,033
)
 
Fixed charges
 
46,122

51,301

85,046

61,802

59,171

 
Amortization of capitalized interest
 
14,965

16,643

17,580

11,135

8,265

 
Income tax expense (benefit)
 
1,392

881

1,138

413

(109
)
 
Loss in equity investee
 
—

—

634

335

420

 
Less: interest capitalized
 
(10,140
)
(7,945
)
(17,097
)
(40,116
)
(54,139
)
 
 
 
 
 
 
 
 
Total earnings
 
$
126,053

$
(401,105
)
$
(502,677
)
$
(78,216
)
$
(41,425
)
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expensed
 
$
35,854

$
43,233

$
67,828

$
21,506

$
4,824

 
Estimated interest component of rental expense (1)
 
128

123

122

180

208

 
Interest capitalized
 
10,140

7,945

17,097

40,116

54,139

 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
46,122

$
51,301

$
85,047

$
61,802

$
59,171

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.73

*

*

*

*

 
 
 
 
 
 
 
 
Excess of fixed charges over earnings
 
$
—

$
452,406

$
587,724

$
140,018

$
100,596


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

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