Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends—Continuing Operations
(Dollars in thousands)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 22,786 | $ | (25,316 | ) | $ | (16,417 | ) | $ | (11,724 | ) | $ | (13,217 | ) | $ | (1,231,329 | ) | $ | (695,290 | ) | ||||||||
Add: | ||||||||||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 160 | 20 | 20 | — | 3,465 | 1,975 | 16,717 | |||||||||||||||||||||
Provision (benefit) for income taxes | 376 | 275 | (56 | ) | (557 | ) | (96,265 | ) | (5,495 | ) | (149,003 | ) | ||||||||||||||||
Homebuilding interest amortized to cost of sales and interest expense | 47,187 | 45,085 | 94,804 | 100,739 | 134,188 | 93,551 | 120,596 | |||||||||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (2,668 | ) | (636 | ) | 207 | 1,166 | (4,598 | ) | (150,875 | ) | (188,975 | ) | ||||||||||||||||
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Earnings (loss): | $ | 73,427 | $ | 20,950 | $ | 78,644 | $ | 87,792 | $ | 33,269 | $ | (989,923 | ) | $ | (517,505 | ) | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Homebuilding interest incurred | $ | 70,620 | $ | 70,207 | $ | 140,905 | $ | 110,358 | $ | 107,976 | $ | 137,398 | $ | 138,595 | ||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
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Fixed Charges | $ | 70,870 | $ | 70,457 | $ | 141,405 | $ | 110,858 | $ | 108,476 | $ | 137,898 | $ | 139,095 | ||||||||||||||
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Ratio of Earnings to Fixed Charges (a) | 1.0 | 0.3 | 0.6 | 0.8 | 0.3 | (7.2 | ) | (3.7 | ) | |||||||||||||||||||
| (a) | As there was no outstanding preferred stock with preference dividends during the periods in the table above, the ratio of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends are the same calculation. |
