EX-12.1 2 exhibit121-fixedchargesrat.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Pioneer Energy Services Corp.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(139,123
)
 
$
(192,719
)
 
$
(49,322
)
 
$
(55,778
)
 
$
46,386

 
Plus: Fixed charges
 
28,014

 
28,324

 
72,524

 
51,118

 
49,023

 
Less: Capitalized interest
 
(241
)
 
(3,016
)
 
(705
)
 
(943
)
 
(10,184
)
 
    Total
 
$
(111,350
)
 
$
(167,411
)
 
$
22,497

 
$
(5,603
)
 
$
85,225

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
24,198

 
$
19,571

 
$
36,730

 
$
46,239

 
$
35,049

 
Loss on extinguishment of debt
 
299

 
2,186

 
31,221

 
—

 
—

 
Capitalized interest
 
241

 
3,016

 
705

 
943

 
10,184

 
Amortization of debt financing costs
 
1,776

 
1,691

 
2,098

 
2,126

 
2,114

 
Estimate of interest component of rental expense
 
1,500

 
1,860

 
1,770

 
1,810

 
1,676

 
    Total
 
$
28,014

 
$
28,324

 
$
72,524

 
$
51,118

 
$
49,023

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
NA(4)

 
NA(3)


NA(2)


NA(1)


1.7

x
 
 
 
 
 
 
 
 
 
 
 
 
(1) For the year ended December 31, 2013, income was insufficient to cover fixed charges by $56,721,000.
(2) For the year ended December 31, 2014, income was insufficient to cover fixed charges by $50,027,000.
(3) For the year ended December 31, 2015, income was insufficient to cover fixed charges by $195,735,000.
(4) For the year ended December 31, 2016, income was insufficient to cover fixed charges by $139,364,000.