EX-12.1 5 exhibit1212015s-3.htm EXHIBIT 12.1 Exhibit 12.1 (2015 S-3)
Exhibit 12.1



Pioneer Energy Services Corp.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
Year ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(16,469
)
 
$
(49,322
)
 
$
(55,778
)
 
$
46,386

 
$
20,833

 
$
(47,558
)
 
Plus: Fixed charges
 
6,581

 
72,524

 
51,118

 
49,023

 
33,133

 
28,080

 
Less: Capitalized interest
 
(690
)
 
(705
)
 
(943
)
 
(10,184
)
 
(2,311
)
 
(547
)
 
    Total
 
$
(10,578
)
 
$
22,497

 
$
(5,603
)
 
$
85,225

 
$
51,655

 
$
(20,025
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
5,047

 
$
36,730

 
$
46,239

 
$
35,049

 
$
27,922

 
$
24,755

 
Loss on extinguishment of debt
 
—

 
31,221

 
—

 
—

 
—

 
—

 
Capitalized interest
 
690

 
705

 
943

 
10,184

 
2,311

 
547

 
Amortization of debt financing costs
 
413

 
2,098

 
2,126

 
2,114

 
1,835

 
1,904

 
Estimate of interest component of rental expense
 
431

 
1,770

 
1,810

 
1,676

 
1,065

 
874

 
    Total
 
$
6,581

 
$
72,524

 
$
51,118

 
$
49,023

 
$
33,133

 
$
28,080

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
NA(4)

 
NA(3)

 
NA(2)

 
1.7

x
1.6

x
 NA (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For the year ended December 31, 2010, income was insufficient to cover fixed charges by $48,105,000.
(2) For the year ended December 31, 2013, income was insufficient to cover fixed charges by $56,721,000.
(3) For the year ended December 31, 2014, income was insufficient to cover fixed charges by $50,027,000.
(4) For the three months ended March 31, 2015, income was insufficient to cover fixed charges by $17,159,000.