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, | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings (deficiency) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 33,489 | $ | (220,766 | ) | $ | (173,291 | ) | $ | (221,070 | ) | $ | (108,178 | ) | $ | (216,750 | ) | |||||||
Fixed charges | 27,661 | 97,903 | 66,616 | 62,002 | 60,003 | 52,539 | ||||||||||||||||||
Capitalized interest | (1,618 | ) | (5,266 | ) | (803 | ) | (1,983 | ) | (1,384 | ) | (2,318 | ) | ||||||||||||
Preferred stock dividend requirements | (3,000 | ) | (10,647 | ) | (2,793 | ) | — | — | — | |||||||||||||||
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$ | 56,532 | $ | (138,776 | ) | $ | (110,271 | ) | $ | (161,051 | ) | $ | (49,559 | ) | $ | (166,529 | ) | ||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 22,534 | $ | 78,841 | $ | 59,339 | $ | 56,216 | $ | 53,679 | $ | 44,231 | ||||||||||||
Capitalized interest | 1,618 | 5,266 | 803 | 1,983 | 1,384 | 2,318 | ||||||||||||||||||
Rent factor | 509 | 3,149 | 3,681 | 3,803 | 4,940 | 5,990 | ||||||||||||||||||
Preferred stock dividend requirements | 3,000 | 10,647 | 2,793 | — | — | — | ||||||||||||||||||
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$ | 27,661 | $ | 97,903 | $ | 66,616 | $ | 62,002 | $ | 60,003 | $ | 52,539 | |||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends1 | 2.0 | — | — | — | — | — | ||||||||||||||||||
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1 | During the years ended December 31, 2013, 2012, 2011, 2010 and 2009, earnings were deficient by $236,679, $176,887, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges and preferred stock dividends. |