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EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIOS
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
GLOBALSTAR TELECOMMUNICATIONS LIMITED
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 JUNE 30, 1999
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<S> <C> <C>
Earnings:
Net loss.................................................. $(171,118) $(19,295)
Add:
Equity in net loss applicable to ordinary partnership
interests of Globalstar, L.P. .................... 186,398(1) 31,475
Interest expense....................................... 2,510
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Earnings available to cover fixed charges(2)................ $ 15,280 $ 14,690
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Fixed charges(3)............................................ $ 15,280 $ 14,690
========= ========
Ratio of earnings to fixed charges and preferred stock
dividends................................................. 1x 1x
========= ========
</TABLE>
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(1) Includes $20,385 of amortization expense relating to the excess carrying
value in Globalstar, L.P.
(2) The earnings of GTL available to cover fixed charges, consist solely of
dividends from Globalstar, L.P. on the redeemable preferred partnership
interests held by GTL.
(3) Fixed charges include interest expense and preferred dividends and related
increase to redemption value of such preferred stock.
GLOBALSTAR, L.P.
DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES
AND DISTRIBUTIONS ON REDEEMABLE PREFERRED PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 JUNE 30, 1999
------------- -------------
<S> <C> <C>
Net loss.................................................... $(417,574) $ (75,771)
Dividends on redeemable preferred partnership interests..... (15,280) (14,690)
Capitalized interest........................................ (3,381) (95,268)
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Deficiency of earnings to cover fixed charges and
distributions on redeemable preferred partnership
interests................................................. $(436,235) $(185,729)
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</TABLE>
