EX-12.1 2 pva201293010qexhibit121.htm EXHIBIT 12.1 PVA 2012.9.30 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)

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

 
$
146,238

 
$
(219,068
)
 
$
(109,562
)
 
$
(223,053
)
 
$
(86,024
)
Fixed charges
28,162

 
33,772

 
53,535

 
60,003

 
62,002

 
48,439

Total Earnings
$
80,817

 
$
180,010

 
$
(165,533
)
 
$
(49,559
)
 
$
(161,051
)
 
$
(37,585
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
23,717

 
$
27,614

 
$
47,545

 
$
55,063

 
$
58,199

 
$
45,569

Rental interest factor
4,445

 
6,158

 
5,990

 
4,940

 
3,803

 
2,870

Total Fixed Charges
$
28,162

 
$
33,772

 
$
53,535

 
$
60,003

 
$
62,002

 
$
48,439

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.9x

 
5.3x

 
**

 
**

 
**

 
**

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest.
** During 2009, 2010, 2011 and the nine months ended September 30, 2012, earnings were deficient by $219,068, $109,562, $223,053 and $86,024, respectively, regarding coverage of fixed charges.