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)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended | | | | | | | | | | |
| June 30, | | Year Ended December 31, |
| 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 |
Earnings: | | | | | | | | | | | |
Income (loss) from continuing operations before income taxes | $ | (64,292 | ) | | $ | (173,291 | ) | | $ | (221,070 | ) | | $ | (108,178 | ) | | $ | (216,750 | ) | | $ | 149,225 |
|
Fixed charges | 43,268 |
| | 66,616 |
| | 62,002 |
| | 60,003 |
| | 52,539 |
| | 33,772 |
|
Capitalized interest | (83 | ) | | (803 | ) | | (1,983 | ) | | (1,384 | ) | | (2,318 | ) | | (2,987 | ) |
Preferred stock dividend requirements | (5,304 | ) | | (2,793 | ) | | — |
| | — |
| | — |
| | — |
|
| $ | (26,411 | ) | | $ | (110,271 | ) | | $ | (161,051 | ) | | $ | (49,559 | ) | | $ | (166,529 | ) | | $ | 180,010 |
|
Fixed charges: | | | | | | | | | | | |
Interest expense | $ | 36,287 |
| | $ | 59,339 |
| | $ | 56,216 |
| | $ | 53,679 |
| | $ | 44,231 |
| | $ | 24,627 |
|
Capitalized interest | 83 |
| | 803 |
| | 1,983 |
| | 1,384 |
| | 2,318 |
| | 2,987 |
|
Rent factor | 1,594 |
| | 3,681 |
| | 3,803 |
| | 4,940 |
| | 5,990 |
| | 6,158 |
|
Preferred stock dividend requirements | 5,304 |
| | 2,793 |
| | — |
| | — |
| | — |
| | — |
|
| $ | 43,268 |
| | $ | 66,616 |
| | $ | 62,002 |
| | $ | 60,003 |
| | $ | 52,539 |
| | $ | 33,772 |
|
| | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividends 1 | — | | — | | — | | — | | — | | 5.3x |
| | | | | | | | | | | |
1 During the six months ended June 30, 2013 and the years ended December 31, 2012, 2011, 2010 and 2009, earnings were deficient by $69,679, $176,887, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges and preferred stock dividends.