Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
| Three Months Ended March 31, 2015 |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (57,024 | ) | $ | (541,270 | ) | $ | (220,766 | ) | $ | (173,291 | ) | $ | (221,070 | ) | $ | (108,178 | ) | ||||||
Fixed charges | 30,643 | 121,608 | 97,903 | 66,616 | 62,002 | 60,003 | ||||||||||||||||||
Capitalized interest | (1,899 | ) | (7,232 | ) | (5,266 | ) | (803 | ) | (1,983 | ) | (1,384 | ) | ||||||||||||
Preferred stock dividend requirements | (6,082 | ) | (22,661 | ) | (10,647 | ) | (2,793 | ) | — | — | ||||||||||||||
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| $ | (34,362 | ) | $ | (449,555 | ) | $ | (138,776 | ) | $ | (110,271 | ) | $ | (161,051 | ) | $ | (49,559 | ) | |||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 22,013 | $ | 88,831 | $ | 78,841 | $ | 59,339 | $ | 56,216 | $ | 53,679 | ||||||||||||
Capitalized interest | 1,899 | 7,232 | 5,266 | 803 | 1,983 | 1,384 | ||||||||||||||||||
Rent factor | 649 | 2,884 | 3,149 | 3,681 | 3,803 | 4,940 | ||||||||||||||||||
Preferred stock dividend requirements | 6,082 | 22,661 | 10,647 | 2,793 | — | — | ||||||||||||||||||
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| $ | 30,643 | $ | 121,608 | $ | 97,903 | $ | 66,616 | $ | 62,002 | $ | 60,003 | |||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends1 | — | — | — | — | — | — | ||||||||||||||||||
| 1 | During the three months ended March 31, 2015, earnings were deficient by $65,005. During the years ended December 31, 2014, 2013, 2012, 2011 and 2010, earnings were deficient by $571,163, $236,679, $176,887, $223,053 and $109,562, respectively, regarding the coverage of fixed charges and preferred stock dividends. |