EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CALCULATION Statement of Computation of Ratio of Earnings to Fixed Charges Calculation

Exhibit 12.1

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges Calculation

(in thousands, except ratios)

 

     Years Ended December 31,    

Nine Months
Ended

September 30, 2007

  
     2002     2003     2004     2005     2006    

Earnings

             

Pre-tax income *

    $ 29,705     $ 55,987     $ 72,779     $ 130,918     $ 167,080     $ 97,989  

Fixed charges

      4,068       8,379       11,067       20,755       31,313       32,686  
                                                

Total earnings

    $ 33,773     $ 64,366     $ 83,846     $ 151,673     $ 198,393     $ 130,675  
                                                

Fixed Charges

             

Interest expense **

    $ 3,125     $ 7,352     $ 9,679     $ 18,815     $ 27,984       29,174  

Rental interest factor

      943       1,027       1,388       1,940       3,329       3,512  
                                                

Total fixed charges

    $ 4,068     $ 8,379     $ 11,067     $ 20,755     $ 31,313     $ 32,686  
                                                

Ratio of earnings to fixed charges

      8.3 x     7.7 x     7.6 x     7.3 x     6.3 x     4.0 x

 

* Excludes equity earnings from investees and includes capitalized interest.

 

** Includes capitalized interest.