EX-12.1 4 gsat-20171231xexx121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)

 
 
 
Year Ended December 31,
 
 
 
2017
2016
2015
2014
2013
Earnings:
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
 
$
(88,884
)
$
(139,189
)
$
73,714

$
(461,985
)
$
(589,978
)
 
Fixed charges
 
52,807

50,071

46,122

51,301

85,046

 
Amortization of capitalized interest
 
14,965

15,006

14,965

16,643

17,580

 
Income tax expense (benefit)
 
190

(6,543
)
1,392

881

1,138

 
Loss in equity investee
 
—

—

—

—

634

 
Less: interest capitalized
 
(17,893
)
(13,987
)
(10,140
)
(7,945
)
(17,097
)
 
 
 
 
 
 
 
 
Total earnings
 
$
(38,815
)
$
(94,642
)
$
126,053

$
(401,105
)
$
(502,677
)
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expensed
 
$
34,771

$
35,952

$
35,854

$
43,233

$
67,828

 
Estimated interest component of rental expense (1)
 
143

132

128

123

122

 
Interest capitalized
 
17,893

13,987

10,140

7,945

17,097

 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
52,807

$
50,071

$
46,122

$
51,301

$
85,047

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
*

*

2.73

*

*

 
 
 
 
 
 
 
 
Excess of fixed charges over earnings
 
$
91,622

$
144,713

$
—

$
452,406

$
587,724


* For these periods, earnings were inadequate to cover fixed charges.

(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.