EX-12.1 3 ex12-1.txt EXHIBIT 12.1 1 EXHIBIT 12.1 LEAP WIRELESS INTERNATIONAL, INC. STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (IN THOUSANDS)
RATIO OF EARNINGS TO FIXED CHARGES SIX MONTHS ENDED YEAR ENDED AUGUST 31, ----------------------------------------- ------------------------------------------------- PRO FORMA PRO FORMA FEBRUARY 28, FEBRUARY 29, FEBRUARY 29, 1996 1997 1998 1999 1999 1999 1999 2000 ----- ------- -------- -------- ---------- ------------ ------------ ------------ Earnings (Loss): Loss from continuing operations before adjustment for minority interest in consolidated subsidiaries and equity in net loss and write-down of unconsolidated wireless operating companies......... $(396) $(1,361) $(23,615) $(37,089) $ (51,746) $(8,637) $(78,661) $ (65,621) Fixed charges: Interest expensed and capitalized................. -- -- -- 10,356 25,576 1,913 21,120 25,002 Rental expense interest factor(1)................... -- -- -- 199 472 88 153 397 ----- ------ -------- -------- --------- ------- -------- --------- Total fixed charges....... -- -- -- 10,555 26,048 2,001 21,273 25,399 ----- ------ -------- -------- --------- ------- -------- --------- Earnings (loss) available to cover fixed charges........... $(396) $(1,361) $(23,615) $(26,534) $(25,698) $(6,636) $(57,388) $(40,222) ===== ======= ======== ======== ======== ======= ======== ======== Ratio of earnings (loss) to fixed charges(2).............. -- -- -- -- -- -- -- -- ===== ======= ======== ======== ======== ======= ======== ========
----------- (1) The portion of operating lease rental expense that is representative of the interest factor is deemed to be one-third of total operating lease rental expense. (2) For the years ended August 31, 1996, 1997, 1998 and 1999 and the pro forma year ended August 31, 1999, our earnings were insufficient to cover fixed charges by $0.4 million, $1.4 million, $23.6, $47.6 and $77.8 million, respectively. For the six months ended February 28, 1999 and February 29, 2000 and the pro forma six months ended February 29, 2000, our earnings were insufficient to cover fixed charges by $10.6 million, $99.9 million and $91.0 million, respectively.