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EXHIBIT 12
DIRECTV HOLDINGS LLC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | For the Year Ended December 31, | For the Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2004 | 2004 | 2005 | |||||||||||
| | (dollars in millions) | ||||||||||||||
| EARNINGS | |||||||||||||||
| Income (loss) before income taxes and cumulative effect of accounting change | $ | 262.8 | $ | (170.2 | ) | $ | (8.7 | ) | $ | 195.8 | |||||
| Fixed charges | 220.0 | 236.4 | 110.4 | 132.0 | |||||||||||
| Capitalized interest | (13.0 | ) | (15.8 | ) | (9.2 | ) | (9.5 | ) | |||||||
| Total Earnings | $ | 469.8 | $ | 50.4 | $ | 92.5 | $ | 318.3 | |||||||
FIXED CHARGES | |||||||||||||||
| Interest expense | $ | 209.0 | $ | 221.8 | $ | 103.8 | $ | 124.2 | |||||||
| Estimated interest portion of rental payments(a) | 11.0 | 14.6 | 6.6 | 7.8 | |||||||||||
| Total Fixed Charges | $ | 220.0 | $ | 236.4 | $ | 110.4 | $ | 132.0 | |||||||
Ratio of Earnings to Fixed Charges(b) | 2.14 | (c) | (c) | 2.41 | |||||||||||
- (a)
- Interest expense was estimated by using one-third of total rental payments.
- (b)
- Ratio not presented for the years ended December 31, 2000, 2001, and 2002.
- (c)
- Fixed charges exceed earnings.
DIRECTV HOLDINGS LLC COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES