EX-12.1 4 d373151dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Successor          Predecessor        
           Year Ended December 31,     Pro Forma  
     Three
Months
Ended
March 31,
2012		     Period
from
May 26,
2011
to
December 31,
2011		           Period
from
January 1,
2011
to
May 25,
2011		     2010     2009     2008     2007     Year
Ended
December  31,
2011		  

Consolidated net loss

    $ (164 )    $ (28,760 )         $ (18,857 )    $ (13,888 )    $ (19,748 )    $ (35,341 )    $ (56,652 )    $ (11,999 ) 

Plus:

                      

Income taxes

      3,882        2,199             12,133        779        13,233        6,829        893        14,647   

Fixed charges

      8,915        23,300             20,705        48,371        43,708        48,498        51,672        37,889 (3) 

Less:

                      

Interest capitalized

      6,417        3,801             11,715        2,582        —          —          —          15,516   

Noncontrolling interest in pre-tax earnings of subsidiaries that have not incurred fixed charges

      107        3             25        444        393        486        909        28   
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)(1)

    $ 6,109      $ (7,065 )         $ 2,241      $ 32,264      $ 36,800      $ 19,500      $ (4,996 )    $ 24,993   
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Fixed charges:(2)

                      

Interest expense

    $ 2,498      $ 19,499           $ 8,990      $ 45,789      $ 43,708      $ 48,498      $ 51,672      $ 22,373   

Capitalized interest

      6,417        3,801             11,715        2,582        —          —          —          15,516   

Amortization of capitalized expenses related to indebtedness

      —          —               —          —          —          —          —          —     
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 8,915      $ 23,300           $ 20,705      $ 48,371      $ 43,708      $ 48,498      $ 51,672      $ 37,889   
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Ratio of earnings to fixed charges

      0.69        (0.30 )           0.11        0.67        0.84        0.40        (0.10 )      0.66   
 

Earnings (loss)

    $ 6,109      $ (7,065 )         $ 2,241      $ 32,236      $ 36,800      $ 19,500      $ (4,996 )    $ 24,993   

Fixed charges

      8,915        23,300             20,705        48,371        43,708        48,498        51,672        37,889   
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings necessary to achieve a 1:1 ratio

    $ 2,806      $ 30,365           $ 18,464      $ 16,135      $ 6,908      $ 28,998      $ 56,668      $ 12,896   
  

 

 

    

 

 

         

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(In thousands of U.S. dollars except ratio data)

 

(1) We did not incur any amortization of capitalized interest nor did we own any equity method investees for which we received distributions or recognized pre-tax losses in any of the periods presented. Additionally, we did not have any preferred security dividend requirements during any of the periods presented.
(2) We did not incur or accrue any amounts with respect to the guarantee of other parties’ obligations. With respect to the estimated interest component of rental expense, we have not entered into any financing leases. With respect to our operating leases, we lease a portion of the building where our corporate offices are located, as well as the specialized earth stations, or satellite control centers, where certain of our operations are located. Our annual rental expense for these two operating leases is approximately $1.0 million per year. We do not consider that the implied interest component of these two leases would materially affect the computation of ratio of earnings to fixed earnings.