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Previous: CENTENNIAL COMMUNICATIONS CORP /DE, S-3, EX-4.12, 2000-06-09 |
Next: CENTENNIAL COMMUNICATIONS CORP /DE, S-3, EX-23.2, 2000-06-09 |
<PAGE>
Exhibit 12
Computation of Ratio of Earnings to Fixed Charges (amounts in thousands)
------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------
1999 1998
----------------------------------------------------
<S> <C> <C>
Income (Loss) before income tax benefit, minority interest &
extraordinary item $ (52,189) $ (45,382)
Minus adjustment so as to include only distributed income of
less than 50% owned equity investments (544) (2,960)
Add: Fixed Charges 106,396 70,940
Less: Capitalized interest - -
Less: Preferred stock dividends (11,395) (23,488)
------------------ --------------------
Earnings, as defined $ 42,268 $ (890)
================== ====================
Fixed charges:
Interest expense, including amortization of debt issuance costs 92,102 45,155
Interest portion of rent expense 2,899 2,297
Capitalized interest - -
Preferred stock dividends 11,395 23,488
------------------ --------------------
Fixed charges, as defined $ 106,396 $ 70,940
================== ====================
Ratio of earnings to fixed charges --- (1) --- (1)
================== ====================
Amount by which earnings are greater (less) than fixed charges $ (64,128) $ (71,830)
================== ====================
<CAPTION>
----------------------------------------------------
Year Ended May 31,
1997 1996
----------------------------------------------------
<S> <C> <C>
Income (Loss) before income tax benefit, minority interest &
extraordinary item $ (40,437) $ (28,212)
Minus adjustment so as to include only distributed income of
less than 50% owned equity investments (8,317) (3,603)
Add: Fixed Charges 56,999 56,833
Less: Capitalized interest (2,752) (5,200)
Less: Preferred stock dividends (19,458) (23,073)
------------------ --------------------
Earnings, as defined $ (13,965) $ (3,255)
================== ====================
Fixed charges:
Interest expense, including amortization of debt issuance costs 33,379 27,886
Interest portion of rent expense 1,410 674
Capitalized interest 2,752 5,200
Preferred stock dividends 19,458 23,073
------------------ --------------------
Fixed charges, as defined $ 56,999 $ 56,833
================== ====================
Ratio of earnings to fixed charges --- (1) --- (1)
================== ====================
Amount by which earnings are greater (less) than fixed charges $ (70,964) $ (60,088)
================== ====================
<CAPTION>
----------------------------------------------------
Nine Months
Ended
February 29,
1995 2000
----------------------------------------------------
<S> <C> <C>
Income (Loss) before income tax benefit, minority interest &
extraordinary item $ (47,117) $ 11,585
Minus adjustment so as to include only distributed income of
less than 50% owned equity investments (1,774) (1,137)
Add: Fixed Charges 42,769 116,121
Less: Capitalized interest - -
Less: Preferred stock dividends (18,226) -
------------------ --------------------
Earnings, as defined $ (24,348) $ 126,569
================== ====================
Fixed charges:
Interest expense, including amortization of debt issuance costs 23,996 113,322
Interest portion of rent expense 547 2,799
Capitalized interest - -
Preferred stock dividends 18,226 -
------------------ --------------------
Fixed charges, as defined $ 42,769 $ 116,121
================== ====================
Ratio of earnings to fixed charges --- (1) 1.09
================== ====================
Amount by which earnings are greater (less) than fixed charges $ (67,117) $ 10,448
================== ====================
</TABLE>
(1) The ratio of earnings to fixed charges is less than one-to-one and,
therefore, earnings are inadequate to cover fixed charges.
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