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<PAGE>
EXHIBIT 12
PSINet Inc.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
(in millions of U.S. dollars)
<TABLE>
<CAPTION>
Year Ended Three Months Ended
December 31, March 31,
------------------------------------- ------------------------------
1995 1996 1997 1998 1999 1999 2000
------ ------ ------ ------- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
Loss before income taxes $(53.2) $(55.3) $(46.1) $(262.7) $(419.0) $(58.7) $(188.6)
Equity in loss of affiliate 0.2 0.9 - - - - -
Interest expense 2.0 5.0 5.4 63.9 193.1 29.6 79.0
Interest portion of rental expense 0.7 1.2 1.7 4.2 8.6 1.6 3.7
------ ------ ------ ------- ------- ------ -------
Earnings/(loss) $(50.3) $(48.2) $(39.0) $(194.6) $(217.3) $(27.5) $(105.9)
====== ====== ====== ======= ======= ====== =======
Fixed charges:
Interest expenses $ 2.0 $ 5.0 $ 5.4 $ 63.9 $ 193.1 $ 29.6 $ 79.0
Capitalized interest - - - 0.8 6.2 - 9.5
Interest portion of rental expense 0.7 1.2 1.7 4.2 8.6 1.6 3.7
------ ------ ------ ------- ------- ------ -------
Total fixed charges 2.7 6.2 7.1 68.9 207.9 31.2 92.2
Preferred stock dividend requirement - - 0.4 3.1 17.7 0.6 15.6
Total combined fixed charges and preferred ------ ------ ------ ------- ------- ------ -------
stock dividends $ 2.7 $ 6.2 $ 7.5 $ 72.0 $ 225.6 $ 31.8 $ 107.8
====== ====== ====== ======= ======= ====== =======
Ratio of earnings to combined fixed charges - - - - - - -
and preferred stock dividends
Deficiency of earnings to cover combined fixed ------ ------ ------ ------- ------- ------ -------
charges and preferred stock dividends $(53.0) $(54.4) $(46.5) $(266.6) $(442.9) $(59.3) $(213.7)
====== ====== ====== ======= ======= ====== =======
</TABLE>
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