Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pre-tax income* | $ | 52,655 | $ | 146,238 | $ | (219,068 | ) | $ | (109,562 | ) | $ | (223,053 | ) | $ | (28,271 | ) | ||||||||
Fixed charges | 28,162 | 33,772 | 53,535 | 60,003 | 62,002 | 32,430 | ||||||||||||||||||
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Total Earnings | $ | 80,817 | $ | 180,010 | $ | (165,533 | ) | $ | (49,559 | ) | $ | (161,051 | ) | $ | 4,159 | |||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 23,717 | $ | 27,614 | $ | 47,545 | $ | 55,063 | $ | 58,199 | $ | 30,356 | ||||||||||||
Rental interest factor | 4,445 | 6,158 | 5,990 | 4,940 | 3,803 | 2,074 | ||||||||||||||||||
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Total Fixed Charges | $ | 28,162 | $ | 33,772 | $ | 53,535 | $ | 60,003 | $ | 62,002 | $ | 32,430 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 2.9x | 5.3x | ** | ** | ** | 0.1x |
* | Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest. |
** | During 2009, 2010 and 2011, earnings were deficient by $165,533, $49,559 and $161,051, respectively, regarding coverage of fixed charges. |