Exhibit 12.1
Pioneer Energy Services Corp. | |||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
(In thousands, except ratio data) | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Earnings | |||||||||||||||||||||
Income (loss) before income taxes | $ | (55,778 | ) | $ | 46,386 | $ | 20,833 | $ | (47,558 | ) | $ | (40,172 | ) | ||||||||
Plus: Fixed charges | 51,118 | 49,023 | 33,133 | 28,080 | 10,024 | ||||||||||||||||
Less: Capitalized interest | (943 | ) | (10,184 | ) | (2,311 | ) | (547 | ) | (256 | ) | |||||||||||
Total | $ | (5,603 | ) | $ | 85,225 | $ | 51,655 | $ | (20,025 | ) | $ | (30,404 | ) | ||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense | $ | 46,239 | $ | 35,049 | $ | 27,922 | $ | 24,755 | $ | 7,598 | |||||||||||
Capitalized interest | 943 | 10,184 | 2,311 | 547 | 256 | ||||||||||||||||
Amortization of debt financing costs | 2,126 | 2,114 | 1,835 | 1,904 | 1,547 | ||||||||||||||||
Estimate of interest component of rental expense | 1,810 | 1,676 | 1,065 | 874 | 623 | ||||||||||||||||
Total | $ | 51,118 | $ | 49,023 | $ | 33,133 | $ | 28,080 | $ | 10,024 | |||||||||||
Ratio of Earnings to Fixed Charges | NA(3) | 1.7 | x | 1.6 | x | NA (2) | NA (1) | ||||||||||||||
(1) For the year ended December 31, 2009, income was insufficient to cover fixed charges by $40,428,000. | |||||||||||||||||||||
(2) For the year ended December 31, 2010, income was insufficient to cover fixed charges by $48,105,000. | |||||||||||||||||||||
(3) For the year ended December 31, 2013, income was insufficient to cover fixed charges by $56,721,000. | |||||||||||||||||||||