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,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
(79,321
)
 
$
(139,123
)
 
$
(192,719
)
 
$
(49,322
)
 
$
(55,778
)
Plus: Fixed charges
30,414

 
27,993

 
28,324

 
72,524

 
51,118

Less: Capitalized interest
(392
)
 
(241
)
 
(3,016
)
 
(705
)
 
(943
)
    Total
$
(49,299
)
 
$
(111,371
)
 
$
(167,411
)
 
$
22,497

 
$
(5,603
)
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
25,558

 
$
24,177

 
$
19,571

 
$
36,730

 
$
46,239

Loss on extinguishment of debt
1,476

 
299

 
2,186

 
31,221

 
—

Capitalized interest
392

 
241

 
3,016

 
705

 
943

Amortization of debt financing costs
1,548

 
1,776

 
1,691

 
2,098

 
2,126

Estimate of interest component of rental expense
1,440

 
1,500

 
1,860

 
1,770

 
1,810

    Total
$
30,414

 
$
27,993

 
$
28,324

 
$
72,524

 
$
51,118

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
NA (1)

 
NA (1)


NA (1)


NA (1)


NA (1)

 
 
 
 
 
 
 
 
 
 
(1) Insufficient income to cover fixed charges
$
(79,713
)
 
$
(139,364
)
 
$
(195,735
)
 
$
(50,027
)
 
$
(56,721
)