Exhibit 12.1
DISH DBS Corporation
Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
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| For the Three Months |
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| For the Years Ended December 31, |
| Ended March 31, |
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| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2010 |
| 2011 |
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Income (loss) before taxes |
| $ | 934,521 |
| $ | 1,344,570 |
| $ | 1,789,427 |
| $ | 976,593 |
| $ | 1,486,988 |
| $ | 340,542 |
| $ | 881,625 |
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Less: Equity earnings of affiliate |
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| — |
| — |
| 1,975 |
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| — |
| — |
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Interest expense (net of amounts capitalized) |
| 389,993 |
| 372,612 |
| 368,838 |
| 407,413 |
| 470,890 |
| 120,938 |
| 119,973 |
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Amortization of capitalized interest (estimate) |
| 11,771 |
| 12,188 |
| 5,338 |
| 5,484 |
| 7,360 |
| 1,404 |
| 2,164 |
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Interest component of rent expense (1) |
| 2,430 |
| 2,580 |
| 7,267 |
| 7,004 |
| 9,904 |
| 770 |
| 773 |
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Earnings before fixed charges |
| $ | 1,338,715 |
| $ | 1,731,950 |
| $ | 2,170,870 |
| $ | 1,398,469 |
| $ | 1,975,142 |
| $ | 463,654 |
| $ | 1,004,535 |
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Interest expense (net of amounts capitalized) |
| $ | 389,993 |
| $ | 372,612 |
| $ | 368,838 |
| $ | 407,413 |
| $ | 470,890 |
| $ | 120,938 |
| $ | 119,973 |
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Capitalized interest |
| 12,079 |
| 7,434 |
| 5,607 |
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| — |
| — |
| — |
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Interest component of rent expense (1) |
| 2,430 |
| 2,580 |
| 7,267 |
| 7,004 |
| 9,904 |
| 770 |
| 773 |
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Total fixed charges |
| $ | 404,502 |
| $ | 382,626 |
| $ | 381,712 |
| $ | 414,417 |
| $ | 480,794 |
| $ | 121,708 |
| $ | 120,746 |
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Ratio of earnings to fixed charges |
| 3.31 x |
| 4.53 x |
| 5.69 x |
| 3.37 x |
| 4.11 x |
| 3.81 x |
| 8.32 x |
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(1) The interest component of rent expense has been estimated by taking the difference between our gross rent expense and the net present value of our rent expense using the weighted average cost of debt for our senior notes during each respective period. The rates applied are approximately 7% for the years ended December 31, 2006 through December 31, 2010 and for the three months ended March 31, 2010 and 2011.