EX-12 2 y42354ex12.txt STATEMENT RE COMPUTATION OF RATIOS 1 EXHIBIT 12 STATEMENT REGARDING COMPUTATION OF RATIOS (IN THOUSANDS, EXCEPT RATIOS) (UNAUDITED) GLOBALSTAR TELECOMMUNICATIONS LIMITED RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
NINE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, 2000 1999 ------------- ------------- Earnings: Net loss.................................................. $(260,823) $(28,935) Add: Equity in net loss applicable to ordinary partnership interests of Globalstar, L.P.(1).................... 283,874 48,244 Interest expense....................................... 2,510 --------- -------- Earnings available to cover fixed charges(2)................ $ 23,051 $ 21,819 ========= ======== Fixed charges(3)............................................ $ 23,051 $ 21,819 ========= ======== Ratio of earnings to fixed charges and preferred stock dividends................................................. 1x 1x ========= ========
--------------- (1) Includes $31,840 of amortization expense relating to the excess carrying value in Globalstar, L.P. (2) The earnings of GTL available to cover fixed charges, consist solely of dividends from Globalstar, L.P. on the redeemable preferred partnership interests held by GTL. (3) Fixed charges include interest expense and preferred dividends and related increase to redemption value of such preferred stock. GLOBALSTAR, L.P. DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES AND DISTRIBUTIONS ON REDEEMABLE PREFERRED PARTNERSHIP INTERESTS
NINE MONTHS NINE MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, 2000 1999 ------------- ------------- Net loss.................................................... $(628,761) $(116,808) Dividends on redeemable preferred partnership interests..... (23,051) (21,819) Capitalized interest........................................ (4,492) (153,293) --------- --------- Deficiency of earnings to cover fixed charges and distributions on redeemable preferred partnership interests................................................. $(656,304) $(291,920) ========= =========