Exhibit 12
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Penn Virginia Corporation and Subsidiaries | |||||||||||||||
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation | |||||||||||||||
(in thousands, except ratios) | |||||||||||||||
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| Nine Months |
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| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
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| 2004 | |||
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Earnings |
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Pre-tax income* | $18,834 |
| $59,230 |
| $54,271 |
| $29,705 |
| $55,987 |
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| $60,182 |
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Fixed charges | 3,718 |
| 8,363 |
| 4,058 |
| 4,068 |
| 8,379 |
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| 7,000 |
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Total earnings | $22,552 |
| $67,593 |
| $58,329 |
| $33,773 |
| $64,366 |
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| $67,182 |
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Fixed charges |
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Interest expense** | $ 3,298 |
| $ 7,926 |
| $ 3,596 |
| $ 3,125 |
| $ 7,352 |
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| $ 5,971 |
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��Rental interest factor | 420 |
| 437 |
| 462 |
| 943 |
| 1,027 |
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| 1,029 |
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Total fixed charges | $ 3,718 |
| $ 8,363 |
| $ 4,058 |
| $ 4,068 |
| $ 8,379 |
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| $ 7,000 |
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Ratio of earnings to fixed charges | 6.1x |
| 8.1x |
| 14.4x |
| 8.3x |
| 7.7x |
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| 9.6x |
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* Excludes equity earnings from investees and includes capitalized interest. |
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