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EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six months December 31,
June 30, -----------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ -------- -------- -------- -------- --------
(in thousands)
Income (loss) before income taxes... $ (10,431) $ (232) $ 35,108 $ 2,017 $ 2,414 $ 4,813
Fixed charges:
Interest expense.................. 2,026 4,471 1,045 1,612 1,065 366
Rents under leases(1)
representative of an
interest factor................. 317 1,419 1,650 594 344 262
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Total fixed charges................. $ 2,343 $ 5,890 $ 2,695 $ 2,206 $ 1,409 $ 628
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Income (loss) before income taxes
plus fixed charges................ $ (8,088) $ 5,658 $ 37,803 $ 4,223 $ 3,823 $ 5,441
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed
charges ......................... (2) .96:1 14.03:1 1.91:1 2.71:1 8.66:1
======== ======== ======== ======== ======== ========
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(1) Management of Patterson Energy, Inc. believes approximately one-third of
rental and lease expense is representative of the interest component of rent
expense.
(2) There was a deficiency of $10.4 million in the ratio of earnings to fixed
charges for the six months ended June 30, 1999.