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, | ||||||||||||||||||||
| 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Pre-tax income * | $ | 91,397 | $ | 52,655 | $ | 146,238 | (219,068 | ) | (109,562 | ) | ||||||||||
Fixed charges | 11,525 | 28,162 | 33,772 | 53,535 | 60,003 | |||||||||||||||
Total Earnings | $ | 102,922 | $ | 80,817 | $ | 180,010 | (165,533 | ) | (49,559 | ) | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 8,828 | $ | 23,717 | $ | 27,614 | $ | 47,545 | $ | 55,063 | ||||||||||
Rental Interest Factor | 2,697 | 4,445 | 6,158 | 5,990 | 4,940 | |||||||||||||||
Total Fixed Charges | $ | 11,525 | $ | 28,162 | $ | 33,772 | $ | 53,535 | $ | 60,003 | ||||||||||
Ratio of Earnings to Fixed Charges | 8.9x | 2.9x | 5.3x | ** | ** | |||||||||||||||
* | Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest. |
* | During 2009 and 2010, earnings were deficient by $165,533 and $49,559, respectively, regarding the coverage of fixed charges |