Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
DIRECTV
|
| Years ended December 31, |
| Six |
| ||||||||||||||
(Dollars in millions) |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations before income taxes |
| $ | 2,471 |
| $ | 1,834 |
| $ | 3,514 |
| $ | 3,984 |
| $ | 4,442 |
| $ | 2,160 |
|
Equity investee (earnings) or losses |
| (55 | ) | (51 | ) | (90 | ) | (109 | ) | (131 | ) | (56 | ) | ||||||
Fixed charges |
| 410 |
| 465 |
| 589 |
| 809 |
| 905 |
| 475 |
| ||||||
Distributed income from equity investments |
| 35 |
| 94 |
| 78 |
| 104 |
| 79 |
| 35 |
| ||||||
Non-controlling interest |
| (92 | ) | (65 | ) | (114 | ) | (27 | ) | (28 | ) | (9 | ) | ||||||
Capitalized interest |
| (18 | ) | (18 | ) | (6 | ) | (13 | ) | (25 | ) | (18 | ) | ||||||
Total earnings |
| $ | 2,751 |
| $ | 2,259 |
| $ | 3,971 |
| $ | 4,748 |
| $ | 5,242 |
| $ | 2,587 |
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 378 |
| $ | 441 |
| $ | 563 |
| $ | 776 |
| $ | 866 |
| $ | 454 |
|
Estimated interest portion of rental payments(a) |
| 32 |
| 24 |
| 26 |
| 33 |
| 39 |
| 21 |
| ||||||
Fixed charges |
| $ | 410 |
| $ | 465 |
| $ | 589 |
| $ | 809 |
| $ | 905 |
| $ | 475 |
|
Ratio of earnings to fixed charges |
| 6.71 |
| 4.86 |
| 6.74 |
| 5.87 |
| 5.79 |
| 5.44 |
|
DIRECTV HOLDINGS LLC
|
| Years ended December 31, |
| Six |
| ||||||||||||||
(Dollars in millions) |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations before income taxes |
| $ | 2,057 |
| $ | 2,049 |
| $ | 2,802 |
| $ | 3,042 |
| $ | 3,346 |
| $ | 1,965 |
|
Equity investee (earnings) or losses |
| (4 | ) | (17 | ) | (20 | ) | (22 | ) | (21 | ) | (9 | ) | ||||||
Fixed charges |
| 351 |
| 387 |
| 515 |
| 733 |
| 821 |
| 435 |
| ||||||
Distributed income from equity investments |
| 3 |
| 6 |
| 12 |
| 15 |
| 13 |
| 11 |
| ||||||
Capitalized interest |
| (18 | ) | (18 | ) | (6 | ) | (12 | ) | (16 | ) | (12 | ) | ||||||
Total earnings |
| $ | 2,389 |
| $ | 2,407 |
| $ | 3,303 |
| $ | 3,756 |
| $ | 4,143 |
| $ | 2.390 |
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 333 |
| $ | 366 |
| $ | 494 |
| $ | 708 |
| $ | 792 |
| $ | 420 |
|
Estimated interest portion of rental payments(a) |
| 18 |
| 21 |
| 21 |
| 25 |
| 29 |
| 15 |
| ||||||
Fixed charges |
| $ | 351 |
| $ | 387 |
| $ | 515 |
| $ | 733 |
| $ | 821 |
| $ | 435 |
|
Ratio of earnings to fixed charges |
| 6.81 |
| 6.22 |
| 6.41 |
| 5.12 |
| 5.05 |
| 5.49 |
|
(a) Interest expense was estimated by using one-third of total rental payments.