EX-12 3 y47155ex12.txt STATEMENT RE COMPUTATION OF RATIOS 1 EXHIBIT 12 STATEMENT REGARDING COMPUTATION OF RATIOS GLOBALSTAR TELECOMMUNICATIONS LIMITED RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)
YEARS ENDED DECEMBER 31, --------------------------------------------- 2000 1999 1998 ----------- ----------- ----------- Earnings: Net loss ............................................. $(2,029,123) $ (32,151) $ (50,561) Add: Equity in loss applicable to ordinary partnership interests of Globalstar, L.P. ................ 1,667,761 81,861 50,561 Equity in loss applicable to preferred partnership Interests of Globalstar, L.P. ................ 356,944 Amortization of excess carrying value in Globalstar, L.P. ............................. 31,840 Interest expense ................................ 2,510 22,197 ----------- ----------- ----------- Earnings available to cover fixed charges(1) ........... $ 27,422 $ 52,220 $ 22,197 =========== =========== =========== Fixed charges -- interest expense and preferred dividends ............................................ $ 27,422 $ 52,220 $ 22,197 =========== =========== =========== Ratio of earnings to fixed charges ..................... 1x 1x 1x =========== =========== ===========
---------- (1) 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. 2 GLOBALSTAR, L.P. DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES (IN THOUSANDS)
YEARS ENDED DECEMBER 31, --------------------------------------------- 2000 1999 1998 ----------- ----------- ----------- Net loss .................................... $(3,785,671) $ (180,364) $ (129,543) Dividends on redeemable preferred partnership interests ................................. (30,730) (52,220) (22,197) Capitalized interest ........................ (8,132) (233,785) (178,735) ----------- ----------- ----------- Deficiency of earnings to cover fixed charges $(3,824,533) $ (466,369) $ (330,475) =========== =========== ===========