EX-12.1 4 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)

 

           Nine Months
Ended
September 30,
2008 		 
     2003     2004     2005     2006     2007    

Earnings

             

Pre-tax income*

    $ 55,987     $ 72,779     $ 130,918     $ 167,080     $ 106,818     $ 248,270  

Fixed charges

      8,379       11,067       20,755       31,313       47,689       39,238  
                                                

Total earnings

    $ 64,366     $ 83,846     $ 151,673     $ 198,393     $ 154,507     $ 287,508  
                                                

Fixed Charges

             

Interest expense**

    $ 7,352     $ 9,679     $ 18,815     $ 27,984     $ 42,371     $ 33,830  

Rental interest factor

      1,027       1,388       1,940       3,329       5,318       5,408  
                                                

Total fixed charges

    $ 8,379     $ 11,067     $ 20,755     $ 31,313     $ 47,689     $ 39,238  
                                                

Ratio of earnings to fixed charge

      7.7 x     7.6 x     7.3 x     6.3 x     3.2 x     7.3 x

 

*   Excludes equity earnings from investees.
**   Includes capitalized interest.