EX-12.1 2 pva201263010qexhibit121.htm EXHIBIT 12.1 PVA 2012.6.30 10Q Exhibit 12.1

Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges Calculation
(in thousands, except ratios)

 
 
 
 
 
 
 
 
 
 
 
Six Months
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Year Ended December 31,
 
June 30,
 
2007
 
2008
 
2009
 
2010
 
2011
 
2012
Earnings
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income*
$
52,655

 
$
146,238

 
$
(219,068
)
 
$
(109,562
)
 
$
(223,053
)
 
$
(28,271
)
Fixed charges
28,162

 
33,772

 
53,535

 
60,003

 
62,002

 
32,430

Total Earnings
$
80,817

 
$
180,010

 
$
(165,533
)
 
$
(49,559
)
 
$
(161,051
)
 
$
4,159

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
23,717

 
$
27,614

 
$
47,545

 
$
55,063

 
$
58,199

 
$
30,356

Rental interest factor
4,445

 
6,158

 
5,990

 
4,940

 
3,803

 
2,074

Total Fixed Charges
$
28,162

 
$
33,772

 
$
53,535

 
$
60,003

 
$
62,002

 
$
32,430

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.9x

 
5.3x

 
**

 
**

 
**

 
0.1x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest.
** During 2009, 2010 and 2011, earnings were deficient by $165,533, $49,559 and $161,051, respectively, regarding coverage of fixed charges.