Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
Years Ended December 31, | Three Months Ended March 31 | |||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||
Earnings | ||||||||||||||||||
Pre-tax income * | $ | 29,705 | $ | 55,987 | $ | 72,779 | $ | 130,918 | $ | 167,080 | $ | 15,295 | ||||||
Fixed charges | 4,068 | 8,379 | 11,067 | 20,755 | 31,313 | 8,675 | ||||||||||||
Total earnings | $ | 33,773 | $ | 64,366 | $ | 83,846 | $ | 151,673 | $ | 198,393 | $ | 23,970 | ||||||
Fixed Charges | ||||||||||||||||||
Interest expense ** | $ | 3,125 | $ | 7,352 | $ | 9,679 | $ | 18,815 | $ | 27,984 | 7,573 | |||||||
Rental interest factor | 943 | 1,027 | 1,388 | 1,940 | 3,329 | 1,102 | ||||||||||||
Total fixed charges | $ | 4,068 | $ | 8,379 | $ | 11,067 | $ | 20,755 | $ | 31,313 | $ | 8,675 | ||||||
Ratio of earnings to fixed charges | 8.3x | 7.7x | 7.6x | 7.3x | 6.3x | 2.8x |
* | Excludes equity earnings from investees and includes capitalized interest. |
** | Includes capitalized interest. |