EX-12.1 3 g67988ex12-1.txt STATEMENT RE: COMPUTATION OF RATIOS 1 EXHIBIT 12.1 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands) --------- --------- --------- --------- --------- 1996 1997 1998 1999 2000 --------- --------- --------- --------- --------- (Loss) before extraordinary items (57,198) (197,289) (487,229) Income/(Loss) before minority interest (565,219) 49,641* Income tax provision -- -- -- -- (7,669) --------- --------- --------- --------- --------- Income (loss) before income taxes (57,198) (197,289) (487,229) (565,219) 41,972 ========= ========= ========= ========= ========= Fixed charges: Interest expensed 35,213 58,744 201,039 289,963 259,993 Capitalized interest 2,780 4,654 7,189 10,364 13,887 Amortization of deferred financing costs 1,252 1,918 4,721 5,937 5,686 Estimated interest factor on operating leases 1,598 3,286 12,091 11,435 13,983 Dividends and accretions on redeemable preferred stock -- 43,742 90,344 92,455 120,641 --------- --------- --------- --------- --------- Total fixed charges 40,843 112,344 315,384 410,154 414,190 ========= ========= ========= ========= ========= Earnings: Income (loss) before income tax (or minority interest) (57,198) (197,289) (487,229) (565,219) 41,972 --------- --------- --------- --------- --------- Fixed charges excluding capitalized interest and preferred stock dividends 38,063 63,948 217,851 307,335 279,662 --------- --------- --------- --------- --------- Total earnings (deficit) (numerator) (19,135) (133,341) (269,378) (257,884) 321,634 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges (0.47) (1.19) (0.85) (0.63) (0.78) ========= ========= ========= ========= ========= Insufficiency of earnings to cover fixed charges $ 59,978 $ 245,685 $ 584,762 $ 668,038 $ 92,556 ========= ========= ========= ========= =========
--------------- (*) Includes gain on the sale of Digex stock of $864,321. Page 1