Seventy Seven Energy 10-Q 2014 Q3 Quarterly report

Exhibit 12.1

SCHEDULE OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended December 31,													Nine Months Ended September 30,
	2009			2010			2011		2012		2013			2014
Earnings:
Income (loss) before income taxes and cumulative effect of accounting change	$	(41,848	)	$	(20,804	)	$	53,969	$	116,453	$	(27,568	)	2,257
Interest expense	55,857			72,307			86,192		93,200		93,890			63,741
(Gain)/loss on investment in equity investees in excess of distributed earnings	164			2,243			—		361		958			5,764
Amortization of capitalized interest	152			267			170		115		381			310
Loan cost amortization	—			—			523		2,906		2,928			5,048
Earnings	$	14,325		$	54,013		$	140,854	$	213,035	$	70,589		$	77,120
Fixed Charges:
Interest expense	$	55,857		$	72,307		$	86,192	$	93,200	$	93,890		$	63,741
Capitalized interest	2,764			593			883		2,249		1,131			1,334
Loan cost amortization	—			—			523		2,906		2,928			5,048
Fixed Charges	$	58,621		$	72,900		$	87,598	$	98,355	$	97,949		$	70,123
Ratio of Earnings to Fixed Charges	0.2			0.7			1.6		2.2		0.7			1.1
Insufficient Coverage	$	44,296		$	18,887		$	—	$	—	$	27,360		$	—