William Lyon Southwest S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

Statement of computation of ratio of earnings to fixed charges

	Nine Months Ended September 30,						Year Ended December 31,
	2004			2003			2003			2002			2001			2000			1999
							(dollars in thousands)
Income before provision for income taxes	$	151,984		$	55,998		$	123,952		$	67,781		$	53,525		$	51,745		$	47,718
Interest incurred		44,116			34,252			47,188			26,783			21,908			26,012			24,500
Less interest capitalized		(44,116	)		(34,252	)		(47,188	)		(26,783	)		(21,681	)		(20,455	)		(18,347	)
Amortization of capitalized interest included in cost of sales		41,720			17,437			36,376			28,109			20,537			21,373			23,771
Cash distributions of income from unconsolidated joint ventures		—			23,857			37,501			24,621			18,404			24,865			7,604
Less equity in loss (income) of unconsolidated joint ventures		451			(19,734	)		(31,236	)		(27,748	)		(22,384	)		(24,416	)		(17,859	)
Earnings	$	194,155		$	77,558		$	166,593		$	92,763		$	70,309		$	79,124		$	67,387
Interest incurred:
Interest expensed	$	—		$	—		$	—		$	—		$	227		$	5,557		$	6,153
Interest capitalized		44,116			34,252			47,188			26,783			21,681			20,455			18,347
Fixed Charges	$	44,116		$	34,252		$	47,188		$	26,783		$	21,908		$	26,012		$	24,500
Ratio of Earnings to Fixed Charges		4.40x			2.26x			3.53x			3.46x			3.21x			3.04x			2.75x