Attached files
| file | filename |
|---|---|
| EX-31.2 - Globalstar, Inc. | v214676_ex31-2.htm |
| EX-32.1 - Globalstar, Inc. | v214676_ex32-1.htm |
| EX-23.1 - Globalstar, Inc. | v214676_ex23-1.htm |
| EX-21.1 - Globalstar, Inc. | v214676_ex21-1.htm |
| EX-31.1 - Globalstar, Inc. | v214676_ex31-1.htm |
| EX-10.30 - Globalstar, Inc. | v214676_ex10-30.htm |
| EX-10.45 - Globalstar, Inc. | v214676_ex10-45.htm |
| EX-10.14 - Globalstar, Inc. | v214676_ex10-14.htm |
| 10-K - Globalstar, Inc. | v214676_10k.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio)
|
Year Ended December 31,
|
||||||||||||||||||||
|
2006
|
2007
|
2008
|
2009
|
2010
|
||||||||||||||||
|
Earnings:
|
||||||||||||||||||||
|
Income (loss) from continuing operations
|
$
|
23,623
|
$
|
(27,925
|
)
|
$
|
(22,792
|
)
|
$
|
(74,923
|
)
|
$
|
(97,467
|
)
|
||||||
|
Fixed charges
|
1,611
|
9,359
|
43,923
|
42,757
|
52,283
|
|||||||||||||||
|
Income tax expense (benefit)
|
(14,071
|
)
|
2,864
|
(2,283
|
)
|
(16
|
)
|
396
|
||||||||||||
|
Loss (income) in equity investee
|
—
|
—
|
176
|
73
|
2,829
|
|||||||||||||||
|
Less: capitalized interest
|
(884
|
)
|
(196
|
)
|
(38,050
|
)
|
(35,887
|
)
|
(47,122
|
)
|
||||||||||
|
Total earnings
|
$
|
10,279
|
$
|
(15,898
|
)
|
$
|
(19,026
|
)
|
$
|
(67,996
|
)
|
$
|
(89,081
|
)
|
||||||
|
Fixed Charges:
|
||||||||||||||||||||
|
Interest expense
|
$
|
587
|
$
|
9,023
|
$
|
5,733
|
$
|
6,730
|
$
|
5,021
|
||||||||||
|
Estimated interest component of rental expense(1)
|
140
|
140
|
140
|
140
|
140
|
|||||||||||||||
|
Capitalized interest
|
884
|
196
|
38,050
|
35,887
|
47,122
|
|||||||||||||||
|
Total fixed charges
|
$
|
1,611
|
$
|
9,359
|
$
|
43,923
|
$
|
42,757
|
$
|
52,283
|
||||||||||
|
Ratio of Earnings to Fixed Charges
|
6.38
|
x
|
*
|
*
|
*
|
*
|
||||||||||||||
|
*
|
For these periods, earnings were inadequate to cover fixed charges. The excess of fixed charges over earnings for those years was as follows: $25.3 million for the year ended December 31, 2007; $55.3 million for the year ended December 31, 2008; $110.8 million for the year ended December 31, 2009; and $141.4 for the year ended December 31, 2010.
|
|
(1)
|
Represents our estimate of the interest component of operation lease rental expense.
|