EX-12.1 45 o69608exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

PRECISION DRILLING CORPORATION

Ratio of earnings to fixed charges

(Stated in thousands of Canadian dollars)

		Year Ended December 31,
		2010				2009				2008				2007				2006
Precision
Earnings
Pretax income			54,049				162,273				340,574				349,033				587,658
Add
Fixed charges (interest)			67,570				101,108				13,680				7,767				8,800
Fixed charges (amortized premiums)			144,463				43,893				798				—				—
Fixed charges est. interest in rent expense (NOTE 1)			451				416				218				230				251
Amortization of capitalized interest			—				—				—				—				—
Distributed income of equity investees			—				—				—				—				—
Earnings per Item 503			266,533				307,690				355,270				357,030				596,709
Fixed charges			212,484				145,417				14,696				7,997				9,051
Ratio of earnings to fixed charges			1.25				2.12				24.17				44.64				65.92
NOTE 1 Calculated as:
Rent expense from annual report			7,514				6,937				3,636				3,838				4,189
Rent expense calculation
2009 rent total
Increase for office space increase in 2009 - Calgary data centre
Esimated rent expense			7,514				6,937				3,636				3,838				4,189
Assumed interest rate			6	%			6	%			6	%			6	%			6	%
			451				416				218				230				251