Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges—Continuing Operations
(Dollars in thousands)
Year Ended December 31, | |||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||
Earnings: | |||||||||||||||||
Income from continuing operations | $ | (695,183 | ) | $ | 146,093 | $ | 439,950 | $ | 316,319 | $ | 204,379 | ||||||
Add: | |||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 16,717 | 75,416 | 61,725 | 67,457 | 63,905 | ||||||||||||
Provision (benefit) for Income taxes | (149,003 | ) | 82,930 | 269,528 | 197,083 | 130,719 | |||||||||||
Expensing of previously capitalized interest included in cost of sales | 120,489 | 86,698 | 63,088 | 59,278 | 62,607 | ||||||||||||
Interest portion of rent expense | 500 | 500 | 500 | 500 | 500 | ||||||||||||
Less: | |||||||||||||||||
Income (loss) from unconsolidated joint ventures | $ | (188,975 | ) | $ | (1,959 | ) | $ | 61,226 | $ | 45,884 | $ | 57,069 | |||||
Earnings: | $ | (517,505 | ) | $ | 393,596 | $ | 773,565 | $ | 594,753 | $ | 405,041 | ||||||
Fixed charges: | |||||||||||||||||
Homebuilding interest incurred | $ | 137,310 | $ | 148,355 | $ | 96,184 | $ | 87,510 | $ | 76,842 | |||||||
Interest portion of rent expense | 500 | 500 | 500 | 500 | 500 | ||||||||||||
Fixed Charges | $ | 137,810 | $ | 148,855 | $ | 96,684 | $ | 88,010 | $ | 77,342 | |||||||
Ratio of Earnings to Fixed Charges | (3.8 | ) | 2.6 | 8.0 | 6.8 | 5.2 | |||||||||||