EX-12.1 2 pva-20130630xex121.htm EXHIBIT PVA-2013.06.30-EX12.1


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

 
Six Months Ended
 
 
 
 
 
 
 
 
 
 
 
June 30,
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(64,292
)
 
$
(173,291
)
 
$
(221,070
)
 
$
(108,178
)
 
$
(216,750
)
 
$
149,225

Fixed charges
43,268

 
66,616

 
62,002

 
60,003

 
52,539

 
33,772

Capitalized interest
(83
)
 
(803
)
 
(1,983
)
 
(1,384
)
 
(2,318
)
 
(2,987
)
Preferred stock dividend requirements
(5,304
)
 
(2,793
)
 
—

 
—

 
—

 
—

 
$
(26,411
)
 
$
(110,271
)
 
$
(161,051
)
 
$
(49,559
)
 
$
(166,529
)
 
$
180,010

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
36,287

 
$
59,339

 
$
56,216

 
$
53,679

 
$
44,231

 
$
24,627

Capitalized interest
83

 
803

 
1,983

 
1,384

 
2,318

 
2,987

Rent factor
1,594

 
3,681

 
3,803

 
4,940

 
5,990

 
6,158

Preferred stock dividend requirements
5,304

 
2,793

 
—

 
—

 
—

 
—

 
$
43,268

 
$
66,616

 
$
62,002

 
$
60,003

 
$
52,539

 
$
33,772

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends 1
—
 
—
 
—
 
—
 
—
 
5.3x
 
 
 
 
 
 
 
 
 
 
 
 
1 During the six months ended June 30, 2013 and the years ended December 31, 2012, 2011, 2010 and 2009, earnings were deficient by $69,679, $176,887, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges and preferred stock dividends.