EX-12 3 exhibit121.htm Exhibit 12

Exhibit 12

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges Calculation

(in thousands, except ratios)

Six Months
Ended June 30,

 

2000

 

2001

 

2002

 

2003

 

2004

 

2005
Earnings

     Pre-tax income*

 $

59,230 

 $

54,271 

 $

29,705 

 $

55,987 

 $

72,779 

 $

31,326 

     Fixed charges

8,363 

4,058 

4,068 

8,379 

11,067 

8,934 

     Total earnings

 $

67,593 

 

 $

58,329 

 

 $

33,773 

 

 $

64,366 

 

 $

83,846 

 

 $

40,260 
Fixed charges

     Interest expense**

 $

7,926 

 $

3,596 

 $

3,125 

 $

7,352 

 $

9,679 

8,182 

     Rental interest factor

437 

462 

943 

1,027 

1,388 

752 

     Total fixed charges

 $

8,363 

 

 $

4,058 

 

 $

4,068 

 

 $

8,379 

 

 $

11,067 

 

 $

8,934 

Ratio of earnings to fixed       charges

8.1x

 

14.4x

 

8.3x

 

7.7x

 

7.6x

 

                4.5x

*   Excludes equity earnings from investees and includes capitalized interest.

** Includes capitalized interest.