EX-12.1 2 a201310kexhibit121-fixedch.htm EXHIBIT 12.1 2013 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,
 
 
 
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.