Exhibit 12.1
DISH DBS Corporation
Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
|
|
|
|
|
|
|
|
|
|
|
| For the Nine Months |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Ended September 30, |
| |||||||||
|
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2013 |
| 2014 |
| |||||||
Income (loss) before taxes |
| $ | 976,593 |
| $ | 1,486,988 |
| $ | 2,422,530 |
| $ | 770,192 |
| $ | 1,284,377 |
| $ | 973,018 |
| $ | 815,627 |
|
Less: Equity earnings of affiliate |
| 1,975 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||||
Interest expense (net of amounts capitalized) |
| 407,413 |
| 470,890 |
| 552,036 |
| 647,298 |
| 878,550 |
| 663,823 |
| 631,405 |
| |||||||
Amortization of capitalized interest (estimate) |
| 5,484 |
| 7,360 |
| 8,655 |
| 8,655 |
| 6,907 |
| 5,180 |
| 2,921 |
| |||||||
Interest component of rent expense (1) |
| 7,004 |
| 9,904 |
| 10,013 |
| 9,072 |
| 9,973 |
| 5,711 |
| 8,600 |
| |||||||
Earnings before fixed charges |
| $ | 1,398,469 |
| $ | 1,975,142 |
| $ | 2,993,234 |
| $ | 1,435,217 |
| $ | 2,179,807 |
| $ | 1,647,732 |
| $ | 1,458,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense (net of amounts capitalized) |
| $ | 407,413 |
| $ | 470,890 |
| $ | 552,036 |
| $ | 647,298 |
| $ | 878,550 |
| $ | 663,823 |
| $ | 631,405 |
|
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||||
Interest component of rent expense (1) |
| 7,004 |
| 9,904 |
| 10,013 |
| 9,072 |
| 9,973 |
| 5,711 |
| 8,600 |
| |||||||
Total fixed charges |
| $ | 414,417 |
| $ | 480,794 |
| $ | 562,049 |
| $ | 656,370 |
| $ | 888,523 |
| $ | 669,534 |
| $ | 640,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ratio of earnings to fixed charges |
| 3.37x |
| 4.11x |
| 5.33x |
| 2.19x |
| 2.45x |
| 2.46x |
| 2.28x |
| |||||||
(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, 2009 through December 31, 2012. The rate applied for the year ended December 31, 2013 and the nine months ended September 30, 2013 and 2014 is approximately 6%.