EXHIBIT 12.1
AIRGATE PCS, INC.
Financial Reporting
Schedule of Earnings to Fixed Charges
| Nine Months | Nine Months | ||||||||||||||||||||||||
| Year Ended | Ended | Year Ended September 30, | Ended | ||||||||||||||||||||||
| December 31, | September 30, | June 30, | |||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||
Income (loss) before income taxes,
minority interest and extraordinary
item |
(5,193 | ) | (15,599 | ) | (81,323 | ) | (110,990 | ) | (1,025,378 | ) | (76,942 | ) | |||||||||||||
Fixed charges |
1,467 | 9,708 | 28,570 | 32,699 | 64,653 | 48,869 | |||||||||||||||||||
Earnings (loss) available for
combined fixed charges |
(3,726 | ) | (5,891 | ) | (52,753 | ) | (78,291 | ) | (960,725 | ) | (28,073 | ) | |||||||||||||
Combined fixed charges: |
|||||||||||||||||||||||||
Interest expense |
1,392 | 651 | 1,885 | 3,890 | 5,272 | 9,215 | |||||||||||||||||||
Amortization of original issue
discount on Subordinate Notes |
| 8,707 | 23,043 | 23,799 | 50,670 | 35,747 | |||||||||||||||||||
Amortization of deferred financing
costs |
| | 1,192 | 1,210 | 1,211 | 907 | |||||||||||||||||||
Estimated interest expense within
rental expense (1) |
75 | 350 | 2,450 | 3,800 | 7,500 | 3,000 | |||||||||||||||||||
Total combined fixed charges |
1,467 | 9,708 | 28,570 | 32,699 | 64,653 | 48,869 | |||||||||||||||||||
Ratio of earnings to fixed
charges (2) |
| | | | | | |||||||||||||||||||
Additional earnings necessary
for 1:1 ratio |
5,193 | 15,599 | 81,323 | 110,990 | 1,025,378 | 76,942 | |||||||||||||||||||
| (1) | The interest component of rental expense was assumed to be 25% of operating lease expense. | |
| (2) | Earnings were inadequate to cover fixed charges for the year ended December 31, 1998, the nine months ended September 30, 1999, the years ended September 30, 2000, 2001, and 2002, and the nine months ended September 30, 2002 and 2003 by $5,193, $15,599, $81,323, $110,990, $1,025,378, $335,276 and $76,942, respectively. |