EX-12..1 2 pdc12312011ex121.htm EX-12.1 PDC 12.31.2011 EX 12.1

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.