Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
Three Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | March 31, 2011 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pre-tax income * | $ | 91,397 | $ | 52,655 | $ | 146,238 | $ | (219,068 | ) | $ | (109,562 | ) | $ | (26,875 | ) | |||||||||
Fixed charges | 11,525 | 28,162 | 33,772 | 53,535 | 60,003 | 15,142 | ||||||||||||||||||
Total Earnings | $ | 102,922 | $ | 80,817 | $ | 180,010 | $ | (165,533 | ) | $ | (49,559 | ) | $ | (11,733 | ) | |||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 8,828 | $ | 23,717 | $ | 27,614 | $ | 47,545 | $ | 55,063 | $ | 14,019 | ||||||||||||
Rental Interest Factor | 2,697 | 4,445 | 6,158 | 5,990 | 4,940 | 1,123 | ||||||||||||||||||
Total Fixed Charges | $ | 11,525 | $ | 28,162 | $ | 33,772 | $ | 53,535 | $ | 60,003 | $ | 15,142 | ||||||||||||
Ratio of Earnings to Fixed Charges | 8.9 | x | 2.9 | x | 5.3 | x | ** | ** | ** |
* | Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest. |
** | During 2009, 2010 and the three months ended March 31, 2011, earnings were deficient by $165,533, $49,559 and $11,733, respectively, regarding the coverage of fixed charges. |