EX-12.1 6 d397342dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

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,     Six Months
Ended
June 30,		  
     2007      2008      2009     2010     2011     2012  

Earnings

               

Pre-tax income*

    $ 52,655       $ 146,238       $ (219,068 )    $ (109,562 )    $ (223,053 )    $ (28,271 ) 

Fixed charges

      28,162         33,772         53,535        60,003        62,002        32,430   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings

    $ 80,817       $ 180,010       $ (165,533 )    $ (49,559 )    $ (161,051 )    $ 4,159   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

               

Interest expense

    $ 23,717       $ 27,614       $ 47,545      $ 55,063      $ 58,199      $ 30,356   

Rental interest factor

      4,445         6,158         5,990        4,940        3,803        2,074   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 28,162       $ 33,772       $ 53,535      $ 60,003      $ 62,002      $ 32,430   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      2.9x         5.3x         **        **        **        0.1x   

 

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

 

** During 2009, 2010 and 2011, earnings were deficient by $165,533, $49,559 and $161,051, respectively, regarding coverage of fixed charges.