EX-12.1 2 v308745_ex12-1.htm 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)

 

                       Threee Months 
                       Ended 
   Year Ended December 31,   March 31, 
   2007   2008   2009   2010   2011   2012 
Earnings                              
Pre-tax income *  $52,655   $146,238   $(219,068)  $(109,562)  $(223,053)  $(18,759)
Fixed charges   28,162    33,772    53,535    60,003    62,002    16,042 
Total Earnings  $80,817   $180,010   $(165,533)  $(49,559)  $(161,051)  $(2,717)
                               
Fixed Charges                              
Interest expense  $23,717   $27,614   $47,545   $55,063   $58,199   $15,032 
Rental Interest Factor   4,445    6,158    5,990    4,940    3,803    1,010 
Total Fixed Charges  $28,162   $33,772   $53,535   $60,003   $62,002   $16,042 
                               
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 three months ended March 31, 2012, earnings were deficient by $165,533, $49,559, $161,051 and $2,717, respectively, regarding the coverage of fixed charges