Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Successor | Predecessor | |||||||||||||||||||||||||||||||||
| Year Ended December 31, | Pro Forma | |||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2012 | Period from May 26, 2011 to December 31, 2011 | Period from January 1, 2011 to May 25, 2011 | 2010 | 2009 | 2008 | 2007 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||
Consolidated net loss | $ | (164 | ) | $ | (28,760 | ) | $ | (18,857 | ) | $ | (13,888 | ) | $ | (19,748 | ) | $ | (35,341 | ) | $ | (56,652 | ) | $ | (11,999 | ) | ||||||||||
Plus: | ||||||||||||||||||||||||||||||||||
Income taxes | 3,882 | 2,199 | 12,133 | 779 | 13,233 | 6,829 | 893 | 14,647 | ||||||||||||||||||||||||||
Fixed charges | 8,915 | 23,300 | 20,705 | 48,371 | 43,708 | 48,498 | 51,672 | 37,889 | (3) | |||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||
Interest capitalized | 6,417 | 3,801 | 11,715 | 2,582 | — | — | — | 15,516 | ||||||||||||||||||||||||||
Noncontrolling interest in pre-tax earnings of subsidiaries that have not incurred fixed charges | 107 | 3 | 25 | 444 | 393 | 486 | 909 | 28 | ||||||||||||||||||||||||||
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Total earnings (loss)(1) | $ | 6,109 | $ | (7,065 | ) | $ | 2,241 | $ | 32,264 | $ | 36,800 | $ | 19,500 | $ | (4,996 | ) | $ | 24,993 | ||||||||||||||||
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Fixed charges:(2) | ||||||||||||||||||||||||||||||||||
Interest expense | $ | 2,498 | $ | 19,499 | $ | 8,990 | $ | 45,789 | $ | 43,708 | $ | 48,498 | $ | 51,672 | $ | 22,373 | ||||||||||||||||||
Capitalized interest | 6,417 | 3,801 | 11,715 | 2,582 | — | — | — | 15,516 | ||||||||||||||||||||||||||
Amortization of capitalized expenses related to indebtedness | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
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Total fixed charges | $ | 8,915 | $ | 23,300 | $ | 20,705 | $ | 48,371 | $ | 43,708 | $ | 48,498 | $ | 51,672 | $ | 37,889 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 0.69 | (0.30 | ) | 0.11 | 0.67 | 0.84 | 0.40 | (0.10 | ) | 0.66 | ||||||||||||||||||||||||
Earnings (loss) | $ | 6,109 | $ | (7,065 | ) | $ | 2,241 | $ | 32,236 | $ | 36,800 | $ | 19,500 | $ | (4,996 | ) | $ | 24,993 | ||||||||||||||||
Fixed charges | 8,915 | 23,300 | 20,705 | 48,371 | 43,708 | 48,498 | 51,672 | 37,889 | ||||||||||||||||||||||||||
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Earnings necessary to achieve a 1:1 ratio | $ | 2,806 | $ | 30,365 | $ | 18,464 | $ | 16,135 | $ | 6,908 | $ | 28,998 | $ | 56,668 | $ | 12,896 | ||||||||||||||||||
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(In thousands of U.S. dollars except ratio data)
| (1) | We did not incur any amortization of capitalized interest nor did we own any equity method investees for which we received distributions or recognized pre-tax losses in any of the periods presented. Additionally, we did not have any preferred security dividend requirements during any of the periods presented. |
| (2) | We did not incur or accrue any amounts with respect to the guarantee of other parties’ obligations. With respect to the estimated interest component of rental expense, we have not entered into any financing leases. With respect to our operating leases, we lease a portion of the building where our corporate offices are located, as well as the specialized earth stations, or satellite control centers, where certain of our operations are located. Our annual rental expense for these two operating leases is approximately $1.0 million per year. We do not consider that the implied interest component of these two leases would materially affect the computation of ratio of earnings to fixed earnings. |
