Exhibit 12.2
XM SATELLITE RADIO INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
($ In Thousands)
| Year ended December 31, | Nine months September 30, | |||||||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Capitalized interest | $ | 16,157 | $ | 828 | $ | — | $ | 36,153 | $ | 39,052 | $ | 5,220 | ||||||||||||
Interest expensed | 84,914 | 104,250 | 52,037 | 15,157 | — | 68,101 | ||||||||||||||||||
Portion of rent expense representative of interest (1) | 7,367 | 8,933 | 8,076 | 8,079 | 2,027 | 4,796 | ||||||||||||||||||
Preferred dividend requirements | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges | $ | 108,438 | $ | 114,011 | $ | 60,113 | $ | 59,389 | $ | 41,079 | $ | 78,117 | ||||||||||||
Earnings: | ||||||||||||||||||||||||
Loss before income taxes | (622,716 | ) | (589,759 | ) | (491,585 | ) | (283,975 | ) | (51,927 | ) | (410,732 | ) | ||||||||||||
Fixed charges, less capitalized interest and preferred dividends | 92,281 | 113,183 | 60,113 | 23,236 | 2,027 | 72,897 | ||||||||||||||||||
Depreciation and write-off of capitalized interest | 11,058 | 11,058 | 9,136 | 6,888 | — | 9,241 | ||||||||||||||||||
Earnings (loss) adjusted for fixed charges | $ | (519,377 | ) | $ | (465,518 | ) | $ | (422,336 | ) | $ | (253,851 | ) | $ | (49,900 | ) | $ | (328,594 | ) | ||||||
Ratio of earnings (loss) to combined fixed charges | — | — | — | — | — | — | ||||||||||||||||||
Deficiency in earnings to cover fixed charges | $ | 627,815 | $ | 579,529 | $ | 482,449 | $ | 313,240 | $ | 90,979 | $ | 406,711 | ||||||||||||
| (1) | One-third of rent expense is deemed to be representative of interest. |
