EX-12.1 4 d555665dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Three
Months
Ended
March 31,
2013		    

 

 

Year Ended December 31,

  
       2012     2011     2010     2009     2008  

Earnings:

             

Income (loss) from continuing operations before income taxes

    $ (25,172 )    $ (173,291 )    $ (221,070 )    $ (108,178 )    $ (216,750 )    $ 149,225   

Fixed charges

      15,364        63,823        62,002        60,003        52,539        33,772   

Capitalized interest

      (50 )      (803 )      (1,983 )      (1,384 )      (2,318 )      (2,987 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ (9,858 )    $ (110,271 )    $ (161,051 )    $ (49,559 )    $ (166,529 )    $ 180,010   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

             

Interest expense

    $ 14,479      $ 59,339      $ 56,216      $ 53,679      $ 44,231      $ 24,627   

Capitalized interest

      50        803        1,983        1,384        2,318        2,987   

Rent factor

      835        3,681        3,803        4,940        5,990        6,158   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 15,364      $ 63,823      $ 62,002      $ 60,003      $ 52,539      $ 33,772   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges 1

      —          —          —          —          —          5.3x   

 

1 

During the three months ended March 31, 2013 and the years ended December 31, 2012, 2011, 2010 and 2009, earnings were deficient by $25,222, $174,094, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges.