Exhibit 12.1
Pioneer Drilling Company | |||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
(In thousands, except ratio data) | |||||||||||||||||||||
Nine Months ended December 31, | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||
Earnings | |||||||||||||||||||||
Income (loss) before income taxes | $ | 20,833 | $ | (47,558 | ) | $ | (40,172 | ) | $ | (56,688 | ) | $ | 57,774 | ||||||||
Plus: Fixed charges | 33,133 | 28,080 | 10,024 | 13,784 | 104 | ||||||||||||||||
Less: Capitalized interest | (2,311 | ) | (547 | ) | (256 | ) | (288 | ) | — | ||||||||||||
Total | $ | 51,655 | $ | (20,025 | ) | $ | (30,404 | ) | $ | (43,192 | ) | $ | 57,878 | ||||||||
Fixed Charges | |||||||||||||||||||||
Interest expense | $ | 27,922 | $ | 24,755 | $ | 7,598 | $ | 12,519 | $ | 16 | |||||||||||
Capitalized interest | 2,311 | 547 | 256 | 288 | — | ||||||||||||||||
Amortization of debt financing costs | 1,835 | 1,904 | 1,547 | 553 | 9 | ||||||||||||||||
Estimate of interest component of rental expense | 1,065 | 874 | 623 | 424 | 79 | ||||||||||||||||
Total | $ | 33,133 | $ | 28,080 | $ | 10,024 | $ | 13,784 | $ | 104 | |||||||||||
Ratio of Earnings to Fixed Charges | 1.6 | x | NA (3) | NA (2) | NA (1) | 556.5 | x | ||||||||||||||
(1) For the year ended December 31, 2008, income was insufficient to cover fixed charges by $56,976,000, primarily due to goodwill and intangible asset impairment charges. | |||||||||||||||||||||
(2) For the year ended December 31, 2009, income was insufficient to cover fixed charges by $40,428,000. | |||||||||||||||||||||
(3) For the year ended December 31, 2010, income was insufficient to cover fixed charges by $48,105,000. | |||||||||||||||||||||