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Content analysis
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Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)
|
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| Three Months |
| ||||||
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|
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Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income* |
| $ | 54,271 |
| $ | 29,705 |
| $ | 55,987 |
| $ | 72,779 |
| $ | 130,918 |
| $ | 43,396 |
|
Fixed charges |
|
| 4,058 |
|
| 4,068 |
|
| 8,379 |
|
| 11,067 |
|
| 20,755 |
|
| 5,865 |
|
|
|
|
|
|
|
|
| ||||||||||||
Total earnings |
| $ | 58,329 |
| $ | 33,773 |
| $ | 64,366 |
| $ | 83,846 |
| $ | 151,673 |
| $ | 49,261 |
|
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Fixed charges |
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|
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|
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Interest expense** |
| $ | 3,596 |
| $ | 3,125 |
| $ | 7,352 |
| $ | 9,679 |
| $ | 18,815 |
| $ | 5,178 |
|
Rental interest factor |
|
| 462 |
|
| 943 |
|
| 1,027 |
|
| 1,388 |
|
| 1,940 |
|
| 687 |
|
|
|
|
|
|
|
|
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Total fixed charges |
| $ | 4,058 |
| $ | 4,068 |
| $ | 8,379 |
| $ | 11,067 |
| $ | 20,755 |
| $ | 5,865 |
|
|
|
|
|
|
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Ratio of earnings to fixed charges |
|
| 14.4x |
|
| 8.3x |
|
| 7.7x |
|
| 7.6x |
|
| 7.3x |
|
| 8.4x |
|
* | Excludes equity earnings from investees and includes capitalized interest. |
** | Includes capitalized interest. |