EX-12.1 4 d897311dex121.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 and Preferred Stock Dividends

(in thousands, except ratios)

 

     Three Months
Ended
March 31,
2015		    

 

Year Ended December 31,

  
       2014     2013     2012     2011     2010  

Earnings:

             

Income (loss) from continuing operations before income taxes

    $ (57,024 )    $ (541,270 )    $ (220,766 )    $ (173,291 )    $ (221,070 )    $ (108,178 ) 

Fixed charges

      30,643        121,608        97,903        66,616        62,002        60,003   

Capitalized interest

      (1,899 )      (7,232 )      (5,266 )      (803 )      (1,983 )      (1,384 ) 

Preferred stock dividend requirements

      (6,082 )      (22,661 )      (10,647 )      (2,793 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ (34,362 )  $ (449,555 )  $ (138,776 )  $ (110,271 )  $ (161,051 )  $ (49,559 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expense

 $ 22,013    $ 88,831    $ 78,841    $ 59,339    $ 56,216    $ 53,679   

Capitalized interest

   1,899      7,232      5,266      803      1,983      1,384   

Rent factor

   649      2,884      3,149      3,681      3,803      4,940   

Preferred stock dividend requirements

   6,082      22,661      10,647      2,793      —        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 30,643    $ 121,608    $ 97,903    $ 66,616    $ 62,002    $ 60,003   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred stock dividends 1

   —        —        —        —        —        —     

 

1  During the three months ended March 31, 2015, earnings were deficient by $65,005. During the years ended December 31, 2014, 2013, 2012, 2011 and 2010, earnings were deficient by $571,163, $236,679, $176,887, $223,053 and $109,562, respectively, regarding the coverage of fixed charges and preferred stock dividends.