Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
Nine Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | September 30, 2010 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pre-tax income * | $ | 78,488 | $ | 92,170 | $ | 52,881 | $ | 148,131 | $ | (218,074 | ) | $ | (68,669 | ) | ||||||||||
Fixed charges | 6,404 | 11,525 | 28,162 | 32,823 | 53,535 | 45,084 | ||||||||||||||||||
Total Earnings | $ | 84,892 | $ | 103,695 | $ | 81,043 | $ | 180,954 | $ | (164,539 | ) | $ | (23,585 | ) | ||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 4,761 | $ | 8,828 | $ | 23,717 | $ | 26,665 | $ | 47,545 | $ | 41,345 | ||||||||||||
Rental Interest Factor | 1,643 | 2,697 | 4,445 | 6,158 | 5,990 | 3,739 | ||||||||||||||||||
Total Fixed Charges | $ | 6,404 | $ | 11,525 | $ | 28,162 | $ | 32,823 | $ | 53,535 | $ | 45,084 | ||||||||||||
Ratio of Earnings to Fixed Charges | 13.3 | x | 9.0 | x | 2.9 | x | 5.5 | x | ** | ** |
* | Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest. |
** | During 2009 and the nine months ended September 30, 2010, earnings were deficient by $164,539 and $25,971, respectively, regarding the coverage of fixed charges |