Attached files
| file | filename |
|---|---|
| 10-K/A - 10-K/A - Globalstar, Inc. | gsat-20151231x10k_a.htm |
| EX-31.1 - EXHIBIT 31.1 - Globalstar, Inc. | a201510-k_aexhibit311.htm |
| EX-31.2 - EXHIBIT 31.2 - Globalstar, Inc. | a201510-k_aexhibit312.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||
Earnings: | |||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 73,714 | $ | (461,985 | ) | $ | (589,978 | ) | $ | (111,785 | ) | $ | (55,033 | ) | |||
Fixed charges | 46,122 | 51,301 | 85,046 | 61,802 | 59,171 | ||||||||||||
Amortization of capitalized interest | 14,965 | 16,643 | 17,580 | 11,135 | 8,265 | ||||||||||||
Income tax expense (benefit) | 1,392 | 881 | 1,138 | 413 | (109 | ) | |||||||||||
Loss in equity investee | — | — | 634 | 335 | 420 | ||||||||||||
Less: interest capitalized | (10,140 | ) | (7,945 | ) | (17,097 | ) | (40,116 | ) | (54,139 | ) | |||||||
Total earnings | $ | 126,053 | $ | (401,105 | ) | $ | (502,677 | ) | $ | (78,216 | ) | $ | (41,425 | ) | |||
Fixed Charges: | |||||||||||||||||
Interest expensed | $ | 35,854 | $ | 43,233 | $ | 67,828 | $ | 21,506 | $ | 4,824 | |||||||
Estimated interest component of rental expense (1) | 128 | 123 | 122 | 180 | 208 | ||||||||||||
Interest capitalized | 10,140 | 7,945 | 17,097 | 40,116 | 54,139 | ||||||||||||
Total Fixed Charges | $ | 46,122 | $ | 51,301 | $ | 85,047 | $ | 61,802 | $ | 59,171 | |||||||
Ratio of Earnings to Fixed Charges | 2.73 | * | * | * | * | ||||||||||||
Excess of fixed charges over earnings | $ | — | $ | 452,406 | $ | 587,724 | $ | 140,018 | $ | 100,596 | |||||||
* For these periods, earnings were inadequate to cover fixed charges.
(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.