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EXHIBIT 12.1
GLOBAL CROSSING LTD. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands)
(unaudited)
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Historical
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For the Period
March 19, 1997
Year Ended Year Ended (Date of Inception)
December 31, December 31, to December 31,
1999 1998 1997
------------ ------------ -------------------
<S> <C> <C> <C>
FIXED CHARGES:
Interest on debt and
capitalized leases and
amortization of deferred
finance fees................... $ 137,011 $ 42,880 $ --
Interest element of rentals..... 24,502 202 2
Interest capitalized............ 77,079 49,933 --
--------- -------- --------
TOTAL......................... $ 238,592 $ 93,015 $ 2
========= ======== ========
PREFERRED DIVIDENDS:
Amount.......................... $ 66,642 $ 12,681 $ 12,690
========= ======== ========
Gross up to pretax based on
42.22% effective tax rate
(except for 1997
information)................... $ 115,337 $ 21,947 $ 12,690
========= ======== ========
EARNINGS:
Income before discontinued
operations, cumulative effect
of change in accounting
principle and extraordinary
item........................... $ (68,797) $(68,194) $ (160)
Add back:
Provision for income taxes.... 102,813 33,067 --
Equity in loss of affiliates.. (15,708) 2,508 --
Capitalized interest included
in cost of capacity sold..... 43,493 9,128 --
Fixed charges less interest
capitalized.................. 161,513 43,082 2
--------- -------- --------
TOTAL....................... $ 223,314 $ 19,591 $ (158)
========= ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES.........................
EXCESS OF FIXED CHARGES OVER
EARNINGS........................ $ (15,278) $(73,424) $ (160)
RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
DIVIDENDS.......................
EXCESS FIXED CHARGES AND
PREFERRED DIVIDENDS OVER
EARNINGS........................ $(130,615) $(95,371) $(12,850)
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