EX-12.1 2 a201210kexhibit121-fixedch.htm EXHIBIT 12.1 2012 10K Exhibit 12.1 - Fixed Charges Ratio


Exhibit 12.1

Pioneer Energy Services Corp.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
46,386

 
$
20,833

 
$
(47,558
)
 
$
(40,172
)
 
$
(56,688
)
 
Plus: Fixed charges
 
49,023

 
33,133

 
28,080

 
10,024

 
13,784

 
Less: Capitalized interest
 
(10,184
)
 
(2,311
)
 
(547
)
 
(256
)
 
(288
)
 
    Total
 
$
85,225

 
$
51,655

 
$
(20,025
)
 
$
(30,404
)
 
$
(43,192
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
35,049

 
$
27,922

 
$
24,755

 
$
7,598

 
$
12,519

 
Capitalized interest
 
10,184

 
2,311

 
547

 
256

 
288

 
Amortization of debt financing costs
 
2,114

 
1,835

 
1,904

 
1,547

 
553

 
Estimate of interest component of rental expense
 
1,676

 
1,065

 
874

 
623

 
424

 
    Total
 
$
49,023

 
$
33,133

 
$
28,080

 
$
10,024

 
$
13,784

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.7

x
1.6

x
 NA (3)


 NA (2)


 NA (1)


 
 
 
 
 
 
 
 
 
 
 
 
(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.