Exhibit 12.1
WCI Communities, Inc.
Statement Of The Computations Of The Ratio Of Earnings To Fixed Charges
Six Months Ended June 30, 2014 and the Three Years Ended December 31, 2013
($ in thousands)
(Unaudited)
| Six Months Ended June 30, 2014 | Years Ended December 31, | |||||||||||||||
| 2013 | 2012 | 2011 | ||||||||||||||
Earnings | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 10,592 | $ | 20,776 | $ | (4,305 | ) | $ | (54,453 | ) | ||||||
Fixed charges | 8,039 | 15,143 | 17,016 | 19,246 | ||||||||||||
Amortization of capitalized interest | 2,267 | 4,257 | 2,304 | 988 | ||||||||||||
Capitalized interest | (6,890 | ) | (11,741 | ) | (9,249 | ) | (1,261 | ) | ||||||||
Distributions in excess of (less than) earnings for equity method investees | — | 123 | (9 | ) | 43 | |||||||||||
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Total earnings (loss), as adjusted | $ | 14,008 | $ | 28,558 | $ | 5,757 | $ | (35,437 | ) | |||||||
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Fixed Charges | ||||||||||||||||
Interest incurred, both expensed and capitalized | $ | 7,575 | $ | 14,278 | $ | 16,227 | $ | 18,215 | ||||||||
Interest portion of rental expense | 464 | 865 | 789 | 1,031 | ||||||||||||
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Total fixed charges | $ | 8,039 | $ | 15,143 | $ | 17,016 | $ | 19,246 | ||||||||
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Ratio of Earnings to Fixed Charges | 1.7 | 1.9 | (A) | (A) | ||||||||||||
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| (A) | Total earnings (loss), as adjusted, was inadequate to cover fixed charges for the years ended December 31, 2012 and 2011. Additional earnings of approximately $11.3 million and $54.7 million, respectively, would have been necessary to eliminate the respective deficits and bring the ratio of earnings to fixed charges to 1.0. |