Exhibit 12.1
Global Crossing Limited
Ratio of Earnings to Fixed Charges
2001-2005
(in millions USD)
| Successor | Predecessor | |||||||||||||||||
Year Ended December 31, | December 10 to December 31, | January 1 to December 9, | Year Ended December 31, | |||||||||||||||
| 2005 | 2004 | 2003 | 2003 | 2002 | 2001 | |||||||||||||
Income (Loss): | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | $(300 | ) | $(255 | ) | $(18 | ) | $(293 | ) | $(422 | ) | $(21,648 | ) | ||||||
Fixed charges (calculated below) | 152 | 100 | 8 | 64 | 150 | 1,280 | ||||||||||||
Total income (loss) available for fixed charges | $(148 | ) | $(155 | ) | $(10 | ) | $(229 | ) | $(272 | ) | $(20,368 | ) | ||||||
Fixed Charges | ||||||||||||||||||
Interest expense | $99 | $45 | $3 | $13 | $62 | $494 | ||||||||||||
Interest capitalized | — | — | — | — | — | 474 | ||||||||||||
Interest component of rent expense (Note 1) | 49 | 51 | 5 | 51 | 69 | 74 | ||||||||||||
Preferred dividends | 4 | 4 | — | — | 19 | 238 | ||||||||||||
Total fixed charges | $152 | $100 | $8 | $64 | $150 | $1280 | ||||||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | — | ||||||||||||
Additional income before income taxes to cover total fixed charges | $300 | $255 | $18 | $293 | $422 | $21,648 | ||||||||||||
Note 1: The interest component of rent expense is considered to be 1/2 of operating lease rental expense.
