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EXHIBIT 12.2
XM SATELLITE RADIO INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ IN THOUSANDS)
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RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
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YEAR ENDED DECEMBER 31, PRO FORMA THREE MONTHS ENDED PRO FORMA
--------------------------------------- DECEMBER 31, MARCH 31, MARCH 31,
1998 1999 2000 2001 2002 2002 (2) 2002 2003 2003 (2)
---- ---- ---- ---- ---- ------------ ---- ---- ----------
FIXED CHARGES:
Capitalized interest......... 11,824 15,162 39,052 36,153 -- -- -- -- --
Interest expensed............ -- 43 -- 15,157 52,037 75,137 12,983 21,340 27,115
Portion of rent expense
representative of
interest (1)............... 76 216 2,027 8,079 8,076 8,076 1,655 2,798 2,798
-------- -------- -------- --------- --------- --------- --------- --------- ---------
Total fixed charges........ $ 11,900 $ 15,421 $ 41,079 $ 59,389 $ 60,113 $ 83,213 $ 14,638 $ 24,138 $ 29,913
======== ======== ======== ========= ========= ========= ========= ========= =========
EARNINGS:
Loss before income taxes..... $(16,167) $(30,180) $(51,927) $(283,975) $(491,585) $(514,685) $(111,633) $(130,996) $(136,771)
Fixed charges, less
capitalized interest....... 76 259 2,027 23,236 60,113 83,213 14,638 24,138 29,913
Depreciation and write-off
of capitalized interest
preferred dividends........ -- -- -- 6,888 9,136 9,136 2,909 2,765 2,765
-------- -------- -------- --------- --------- --------- --------- --------- ---------
Earnings (loss) adjusted for
fixed charges.............. (16,091) (29,921) (49,900) (253,851) (422,336) (422,336) (94,086) (104,093) (104,093)
Ratio of earnings (loss) to
combined fixed charges and
preferred dividends.......... -- -- -- -- -- -- -- -- --
Deficiency in earnings to cover
fixed charges................ 27,991 45,342 90,979 313,240 482,449 505,549 108,724 128,231 134,006
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(1) One-third of rent expense is deemed to be representative of interest.
(2) Pro forma deficiency of earnings to cover fixed charges is calculated based
on the annual interest rate on the 12% senior secured notes due 2010 plus the
amortization of deferred financing fees as of the beginning of the period.