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<PAGE>
Exhibit 12.1
EarthWatch Incorporated
Computation of Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Nine Months from
March 31, 1995 to Year Ended December 31,
December 31, 1995 1996 1997 1998 1999
----------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pre-tax Income (Loss) (3,909,208) (23,706,344) (50,730,985) (12,919,555) (20,318,766)
Fixed Charges:
Interest Expense 25,595 63,230 5,133,285 6,626,512 1,105,891
Capitalized Interest - 144,770 5,634,210 6,046,933 11,715,824
Amortization of Debt Issuance - - 343,420 444,497 467,366
Accretion of discount on unit notes - - 243,773 315,522 15,624,386
Rent
buildings (1/3) 84,884 251,620 121,574 48,990 52,223
equipment (1/3) 20,167 60,554 97,888 99,431 88,821
Preferred stock dividends - - - - 1,855
---------- ----------- ----------- ----------- -----------
Total Fixed Charges 130,646 520,174 11,574,150 13,581,886 29,056,367
---------- ----------- ----------- ----------- -----------
Pre-tax Income (Loss) (3,778,562) (23,330,940) (44,791,045) (5,384,602) (2,980,078)
Ratio of earnings to fixed charges (28.92) (44.85) (3.87) (0.40) (0.10)
========== =========== =========== =========== ===========
Additional earnings needed to achieve a coverage
ratio of 1:1 (3,909,208) (23,851,114) (56,365,195) (18,966,488) (32,036,445)
</TABLE>
<TABLE>
<CAPTION>
Period from
Three Months Ended March 31, 1995 to
March 31, 1999 March 31, 2000 March 31, 2000
-------------------------------- -----------------
<S> <C> <C> <C>
Pre-tax Income (Loss) (4,143,871) (5,371,646) (116,956,504)
Fixed Charges:
Interest Expense 1,612,631 1,740 12,956,254
Capitalized Interest 1,749,902 5,295,655 28,837,392
Amortization of Debt Issuance 109,602 179,782 1,435,065
Accretion of discount on unit notes 77,800 7,098,523 23,282,205
Rent
buildings (1/3) 12,081 14,321 573,612
equipment (1/3) 27,159 17,451 384,311
Preferred stock dividends - 779 2,634
---------- ----------- ------------
Total Fixed Charges 3,589,176 12,608,250 67,471,473
---------- ----------- ------------
Pre-tax Income (Loss) (2,304,597) 1,940,170 (78,325,057)
Ratio of earnings to fixed charges (0.64) 0.15 (1.16)
========== =========== ============
Additional earnings needed to achieve a coverage
ratio of 1:1 (5,893,773) (10,668,080) (145,796,530)
</TABLE>
The accompanying notes are an integral part of these financial statements.
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