EXHIBIT 12.1
AIRGATE PCS, INC.
Financial Reporting
Schedule of Earnings to Fixed Charges
| Nine Months | |||||||||||||||||||||||||
| Ended | Year Ended September 30, | ||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||
Income (loss) before income taxes,
minority interest and extraordinary
item |
(15,599 | ) | (81,323 | ) | (110,990 | ) | (1,025,378 | ) | (84,757 | ) | |||||||||||||||
Fixed charges |
9,708 | 28,570 | 32,699 | 64,653 | 81,247 | ||||||||||||||||||||
Earnings (loss) available for
combined fixed charges |
(5,891 | ) | (52,753 | ) | (78,291 | ) | (960,725 | ) | (3,510 | ) | |||||||||||||||
Combined fixed charges: |
|||||||||||||||||||||||||
Interest expense |
651 | 1,885 | 3,890 | 5,272 | 18,893 | ||||||||||||||||||||
Amortization of original issue
discount on Subordinate Notes |
8,707 | 23,043 | 23,799 | 50,670 | 35,444 | ||||||||||||||||||||
Amortization of deferred financing
costs |
| 1,192 | 1,210 | 1,211 | 1,210 | ||||||||||||||||||||
Estimated interest expense within
rental expense (1) |
350 | 2,450 | 3,800 | 7,500 | 25,700 | ||||||||||||||||||||
Total combined fixed charges |
9,708 | 28,570 | 32,699 | 64,653 | 81,247 | ||||||||||||||||||||
Ratio of earnings to fixed
charges (2) |
| | | | | ||||||||||||||||||||
Additional earnings necessary
for 1:1 ratio |
15,599 | 81,323 | 110,990 | 1,025,378 | 84,757 | ||||||||||||||||||||
| (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 nine months ended September 30, 1999, the years ended September 30, 2000, 2001, 2002, and 2003 by $15,599, $81,323, $110,990, $1,025,378, and $84,757, respectively. |