EX-12 4 y84843exv12.txt STATEMENTS RE: COMPUTATIONS OF RATIOS EXHIBIT 12 STATEMENT REGARDING COMPUTATION OF RATIOS GLOBALSTAR TELECOMMUNICATIONS LIMITED RATIO OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31, ------------------------------------ 2002 2001 2000 -------- --------- ----------- Earnings: Net loss.............................................. $(55,173) $(142,298) $(2,029,123) Add: Equity in loss applicable to ordinary partnership interests of Globalstar, L.P. ................ 55,173 142,298 1,667,761 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 -------- --------- ----------- Earnings available to cover fixed charges(1)............ $ -- $ -- $ 27,422 ======== ========= =========== Fixed charges -- preferred dividends.................... $ 19,671 $ 26,562 $ 27,422 ======== ========= =========== Ratio of earnings to fixed charges...................... N/A N/A 1x ======== ========= =========== Deficiency of earnings to cover fixed charges........... $ 19,671 $ 26,562 N/A ======== ========= ===========
--------------- (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. GLOBALSTAR, L.P. DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES
YEARS ENDED DECEMBER 31, ------------------------------------- 2002 2001 2000 --------- --------- ----------- Net loss............................................... $(149,959) $(575,511) $(3,785,671) Distributions on redeemable preferred partnership interests............................................ (2,887) (26,562) (30,730) Capitalized interest................................... -- -- (8,132) --------- --------- ----------- Deficiency of earnings to cover fixed charges.......... $(152,846) $(602,073) $(3,824,533) ========= ========= ===========