PIONEER ENERGY SERVICES CORP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 17, 2016

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EX-23.1 - EXHIBIT 23.1 - PIONEER ENERGY SERVICES CORPexhibit231-consentq42015.htm
EX-10.29 - EXHIBIT 10.29 - PIONEER ENERGY SERVICES CORPexhibit1029-phantomstockun.htm
EX-32.1 - EXHIBIT 32.1 - PIONEER ENERGY SERVICES CORPexhibit3214q2015.htm
EX-31.2 - EXHIBIT 31.2 - PIONEER ENERGY SERVICES CORPexhibit3124q2015.htm
EX-32.2 - EXHIBIT 32.2 - PIONEER ENERGY SERVICES CORPexhibit3224q2015.htm
EX-31.1 - EXHIBIT 31.1 - PIONEER ENERGY SERVICES CORPexhibit3114q2015.htm
10-K - 10-K - PIONEER ENERGY SERVICES CORPform10k-4q2015.htm
EX-21.1 - EXHIBIT 21.1 - PIONEER ENERGY SERVICES CORPexhibit211-subsidiariesq42.htm


Exhibit 12.1

Pioneer Energy Services Corp.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(192,719
)
 
$
(49,322
)
 
$
(55,778
)
 
$
46,386

 
$
20,833

 
Plus: Fixed charges
 
28,324

 
72,524

 
51,118

 
49,023

 
33,133

 
Less: Capitalized interest
 
(3,016
)
 
(705
)
 
(943
)
 
(10,184
)
 
(2,311
)
 
    Total
 
$
(167,411
)
 
$
22,497

 
$
(5,603
)
 
$
85,225

 
$
51,655

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
19,571

 
$
36,730

 
$
46,239

 
$
35,049

 
$
27,922

 
Loss on extinguishment of debt
 
2,186

 
31,221

 
—

 
—

 
—

 
Capitalized interest
 
3,016

 
705

 
943

 
10,184

 
2,311

 
Amortization of debt financing costs
 
1,691

 
2,098

 
2,126

 
2,114

 
1,835

 
Estimate of interest component of rental expense
 
1,860

 
1,770

 
1,810

 
1,676

 
1,065

 
    Total
 
$
28,324

 
$
72,524

 
$
51,118

 
$
49,023

 
$
33,133

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
NA(3)

 
NA(2)


NA(1)


1.7

x
1.6

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.
 
 
 
 
 
 
 
 
 
 
 
 



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