Exhibit 12.1
PANAMSAT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
9 Months Ended
Year Ended December 31, September 30,
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1997 1998 1999 2000 2001 2001 2002
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Income before income
taxes and
extraordinary item $ 263,616 $ 220,546 $ 226,364 $ 228,358 $ 54,166 $ 48,541 $ 85,292
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ADD: Fixed Charges:
Capitalized
Interest 80,500 59,900 60,700 56,100 23,300 19,400 23,600
Interest expense
(including
amortization of
debt issuance
costs) 58,973 108,188 115,202 135,005 124,653 99,451 109,036
Rentals (1/3) (a) 433 899 1,099 1,698 2,564 1,832 1,698
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Total Fixed Charges
$ 139,906 $ 168,987 $ 177,001 $ 192,803 $ 150,517 $ 120,683 $ 134,334
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Income before income
taxes and extraordinary
item plus fixed charges $ 403,522 $ 389,533 $ 403,365 $ 421,161 $ 204,683 $ 169,224 $ 219,626
ADD: Amortization of
capitalized
interest 10,083 16,749 20,847 31,332 34,301 24,732 23,798
LESS: Capitalized
interest (80,500) (59,900) (60,700) (56,100) (23,300) (19,408) (23,578)
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Earnings (As defined) $ 333,105 $ 346,382 $ 363,512 $ 396,393 $ 215,684 $ 174,548 $ 219,846
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Total Fixed Charges $ 139,906 $ 168,987 $ 177,001 $ 192,803 $ 150,517 $ 120,683 $ 134,334
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RATIO OF EARNINGS TO
FIXED CHARGES 2.38 2.05 2.05 2.06 1.43 1.45 1.64
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(a) We believe 33% is a reasonable approximation of an appropriate interest
factor for operating leases.