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EXHIBIT 12.1
EarthWatch Incorporated
Computation of Ratio of Earnings to Fixed Charges
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Nine Months from
March 31, 1995 to Year Ended December 31,
December 31, 1995 1996 1997 1998 1999
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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 - 145,001 5,670,000 6,056,000 11,340,000
Amortization of Debt Issuance - - 343,420 444,497 467,366
Other - - - - 198,241
Accretion of discount on unit notes - - 243,773 315,522 15,624,386
Rent
buildings(1/3) 84,884 251,620 312,050 241,635 296,102
equipment(1/3) 20,167 60,554 97,888 99,431 88,821
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Total Fixed Charges 130,646 520,405 11,800,416 13,783,598 29,120,807
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Pre-tax Income(Loss) (3,778,562) (23,330,940) (44,600,569) (5,191,957) (2,736,200)
Ratio of earnings to fixed charges (28.92) (44.83) (3.78) (0.38) (0.09)
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Additional earnings needed to achieve a
coverage ratio of 1:1 (3,909,208) (23,851,345) (56,400,985) (18,975,555) (31,857,007)
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Period from
Six Months Ended March 31, 1995 to
June 30, 1999 June 30, 2000 June 30, 2000
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Pre-tax Income (Loss) (7,141,621) (12,454,295) (124,039,153)
Fixed Charges:
Interest Expense 1,096,662 2,137 12,956,651
Capitalized Interest 3,353,726 11,128,993 34,339,994
Amortization of Debt Issuance 124,016 359,738 1,615,021
Other - - 198,241
Accretion of discount on unit notes 2,205,404 14,197,045 30,380,727
Rent
buildings(1/3) 132,670 200,986 1,387,276
equipment(1/3) 45,890 30,751 397,612
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Total Fixed Charges 6,958,368 25,919,651 81,275,523
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Pre-tax Income(Loss) (3,536,978) 2,336,363 (77,301,865)
Ratio of earnings to fixed charges (0.51) 0.09 (0.95)
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Additional earnings needed to achieve a
coverage ratio of 1:1 (10,495,347) (23,583,288) (158,577,388)
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