Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Three Months Ended March 31, 2013 |
Year Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (25,172 | ) | $ | (173,291 | ) | $ | (221,070 | ) | $ | (108,178 | ) | $ | (216,750 | ) | $ | 149,225 | |||||||
Fixed charges | 15,364 | 63,823 | 62,002 | 60,003 | 52,539 | 33,772 | ||||||||||||||||||
Capitalized interest | (50 | ) | (803 | ) | (1,983 | ) | (1,384 | ) | (2,318 | ) | (2,987 | ) | ||||||||||||
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$ | (9,858 | ) | $ | (110,271 | ) | $ | (161,051 | ) | $ | (49,559 | ) | $ | (166,529 | ) | $ | 180,010 | ||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 14,479 | $ | 59,339 | $ | 56,216 | $ | 53,679 | $ | 44,231 | $ | 24,627 | ||||||||||||
Capitalized interest | 50 | 803 | 1,983 | 1,384 | 2,318 | 2,987 | ||||||||||||||||||
Rent factor | 835 | 3,681 | 3,803 | 4,940 | 5,990 | 6,158 | ||||||||||||||||||
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$ | 15,364 | $ | 63,823 | $ | 62,002 | $ | 60,003 | $ | 52,539 | $ | 33,772 | |||||||||||||
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Ratio of earnings to fixed charges1 | — | — | — | — | — | 5.3x |
1 | During the three months ended March 31, 2013 and the years ended December 31, 2012, 2011, 2010 and 2009, earnings were deficient by $25,222, $174,094, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges. |