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)

 

     Year Ended December 31,     Three Months Ended
March 31, 2009		  
     2004     2005     2006     2007     2008    

Earnings

             

Pre-tax income (loss) *

    $ 72,779     $ 130,918     $ 167,080     $ 106,818     $ 255,542     $ (10,113 )

Fixed charges

      11,067       20,755       31,313       47,689       54,636       14,984  
                                                

Total earnings

    $ 83,846     $ 151,673     $ 198,393     $ 154,507     $ 310,178     $ 4,871  
                                                

Fixed Charges

             

Interest expense

    $ 9,679     $ 18,815     $ 27,984     $ 42,371     $ 46,974     $ 12,864  

Rental interest factor

      1,388       1,940       3,329       5,318       7,662       2,120  
                                                

Total fixed charges

    $ 11,067     $ 20,755     $ 31,313     $ 47,689     $ 54,636     $ 14,984  
                                                

Ratio of earnings to fixed charges

      7.6 x     7.3 x     6.3 x     3.2 x     5.7 x     0.3 x

 

 

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