EX-12.1 3 v224843_ex12-1.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CALCULATION Unassociated Document
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
  
   
  
2006
    
2007
    
2008
    
2009
    
2010
    
June 30, 2011
  
Earnings
                                    
Pre-tax income *
   $ 91,397     $ 52,655     $ 146,238     $ (219,068 )   $ (109,562 )   $ (153,494 )
Fixed charges
     11,525       28,162       33,772       53,535       60,003       30,892  
Total Earnings
   $ 102,922     $ 80,817     $ 180,010     $ (165,533 )   $ (49,559 )   $ (122,602 )
   
                                                
Fixed Charges
                                                
Interest expense
   $ 8,828     $ 23,717     $ 27,614     $ 47,545     $ 55,063     $ 28,617  
Rental Interest Factor
     2,697       4,445       6,158       5,990       4,940       2,275  
Total Fixed Charges
   $ 11,525     $ 28,162     $ 33,772     $ 53,535     $ 60,003     $ 30,892  
   
                                                
Ratio of Earnings to Fixed Charges
     8.9 x     2.9 x     5.3 x     **       **       **  

*
Includes cash distributions from equity affiliates and excludes equity earnings from affiliates and capitalized interest.

**
During 2009, 2010 and the six months ended June 30, 2011, earnings were deficient by $165,533, $49,559 and $122,602, respectively, regarding the coverage of fixed charges.