Exhibit 12.1
XM SATELLITE RADIO HOLDINGS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
($ In Thousands)
| Year ended December 31, | Nine months ended | |||||||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | September 30, 2005 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Capitalized interest | $ | 31,778 | $ | 4,799 | $ | — | $ | 45,211 | $ | 39,052 | $ | 18,602 | ||||||||||||
Interest expensed | 85,757 | 110,349 | 63,573 | 18,131 | — | 71,234 | ||||||||||||||||||
Portion of rent expense representative of interest (1) | 5,936 | 7,517 | 6,646 | 7,575 | 2,027 | 5,027 | ||||||||||||||||||
Preferred dividend requirements | 8,802 | 17,569 | 20,859 | 23,153 | 149,465 | 6,448 | ||||||||||||||||||
Total fixed charges | $ | 132,273 | $ | 140,234 | $ | 91,078 | $ | 94,070 | $ | 190,544 | $ | 101,311 | ||||||||||||
Earnings: | ||||||||||||||||||||||||
Loss before income taxes | (615,051 | ) | (584,535 | ) | (495,012 | ) | (284,379 | ) | (51,873 | ) | (396,653 | ) | ||||||||||||
Fixed charges, less capitalized interest and preferred dividends | 91,693 | 117,866 | 70,219 | 25,706 | 2,027 | 76,261 | ||||||||||||||||||
Depreciation and write-off of capitalized interest | 11,058 | 11,058 | 9,136 | 6,888 | — | 9,666 | ||||||||||||||||||
Earnings (loss) adjusted for fixed charges | $ | (512,300 | ) | $ | (455,611 | ) | $ | (415,657 | ) | $ | (251,785 | ) | $ | (49,846 | ) | $ | (310,726 | ) | ||||||
Ratio of earnings (loss) to combined fixed charges | — | — | — | — | — | — | ||||||||||||||||||
Deficiency in earnings to cover fixed charges | $ | 644,573 | $ | 595,845 | $ | 506,735 | $ | 345,855 | $ | 240,390 | $ | 412,037 | ||||||||||||
| (1) | One-third of rent expense is deemed to be representative of interest. |
