Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges - Continuing Operations
(Dollars in thousands)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 88,803 | $ | 94,622 | $ | 215,865 | $ | 188,715 | $ | 531,421 | $ | (16,417 | ) | $ | (11,724 | ) | ||||||||||||
Add: | ||||||||||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 592 | 1,875 | 1,875 | 3,375 | 3,910 | 20 | — | |||||||||||||||||||||
Provision (benefit) for income taxes | 49,215 | 58,839 | 134,099 | 68,983 | (453,234 | ) | (56 | ) | (557 | ) | ||||||||||||||||||
Homebuilding interest amortized to cost of sales and interest expense | 59,201 | 54,799 | 123,112 | 121,778 | 110,298 | 94,804 | 100,739 | |||||||||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 502 | 899 | (668 | ) | 949 | (2,090 | ) | 207 | 1,166 | |||||||||||||||||||
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Earnings: | $ | 197,559 | $ | 209,486 | $ | 476,119 | $ | 382,402 | $ | 194,985 | $ | 78,644 | $ | 87,792 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Homebuilding interest incurred | $ | 83,660 | $ | 76,427 | $ | 153,695 | $ | 140,865 | $ | 141,827 | $ | 140,905 | $ | 110,358 | ||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
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Fixed Charges | $ | 83,910 | $ | 76,677 | $ | 154,195 | $ | 141,365 | $ | 142,327 | $ | 141,405 | $ | 110,858 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 2.4 | 2.7 | 3.1 | 2.7 | 1.4 | 0.6 | 0.8 | |||||||||||||||||||||
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Amount of additional earnings needed to cover fixed charges: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 62,761 | $ | 23,066 |