EX-12.1 3 a12-15030_1ex12d1.htm EX-12.1

Exhibit 12.1

DISH DBS Corporation

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

 

 

 

For the Years Ended December 31,

 

For the Three Months
Ended March 31,

 

 

 

2007

 

2008

 

2009

 

2010

 

2011

 

2011

 

2012

 

Income (loss) before taxes

 

$

1,344,570

 

$

1,789,427

 

$

976,593

 

$

1,486,988

 

$

2,422,530

 

$

881,626

 

$

444,081

 

Less: Equity earnings of affiliate

 

—

 

—

 

1,975

 

—

 

—

 

—

 

—

 

Interest expense (net of amounts capitalized)

 

372,612

 

368,838

 

407,413

 

470,890

 

552,036

 

119,972

 

134,286

 

Amortization of capitalized interest (estimate)

 

12,188

 

5,338

 

5,484

 

7,360

 

8,655

 

2,164

 

2,164

 

Interest component of rent expense (1)

 

2,580

 

7,267

 

7,004

 

9,904

 

10,013

 

773

 

795

 

Earnings before fixed charges

 

$

1,731,950

 

$

2,170,870

 

$

1,398,469

 

$

1,975,142

 

$

2,993,234

 

$

1,004,535

 

$

581,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (net of amounts capitalized)

 

$

372,612

 

$

368,838

 

$

407,413

 

$

470,890

 

$

552,036

 

$

119,972

 

$

134,286

 

Capitalized interest

 

7,434

 

5,607

 

—

 

—

 

—

 

—

 

—

 

Interest component of rent expense (1)

 

2,580

 

7,267

 

7,004

 

9,904

 

10,013

 

773

 

795

 

Total fixed charges

 

$

382,626

 

$

381,712

 

$

414,417

 

$

480,794

 

$

562,049

 

$

120,745

 

$

135,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.53 x

 

5.69 x

 

3.37 x

 

4.11 x

 

5.33 x

 

8.32 x

 

4.30 x

 

 

(1)  The interest component of rent expense has been estimated by taking the difference between our gross rent expense and the net present value of our rent expense using the weighted average cost of debt for our senior notes during each respective period.  The rates applied are approximately 7% for the years ended December 31, 2007 through December 31, 2011 and for the three months ended March 31, 2011 and 2012.

 

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