Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges—Continuing Operations
(Dollars in thousands)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | (95,880 | ) | $ | (833,767 | ) | $ | (1,231,329 | ) | $ | (695,290 | ) | $ | 146,093 | $ | 439,950 | $ | 316,319 | ||||||||
Add: | ||||||||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 326 | 771 | 1,975 | 16,717 | 75,416 | 61,725 | 67,457 | |||||||||||||||||||
Provision (benefit) for income taxes | 298 | 42,030 | (5,495 | ) | (149,003 | ) | 82,930 | 269,528 | 197,083 | |||||||||||||||||
Homebuilding interest amortized to cost of sales and interest expense | 94,885 | 59,080 | 97,445 | 120,596 | 86,698 | 63,088 | 59,278 | |||||||||||||||||||
Interest portion of rent expense | 375 | 375 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | (4,330 | ) | (129,663 | ) | (150,875 | ) | (188,975 | ) | (1,959 | ) | 61,226 | 45,884 | ||||||||||||||
Earnings: | $ | 4,334 | $ | (601,848 | ) | $ | (986,029 | ) | $ | (517,505 | ) | $ | 393,596 | $ | 773,565 | $ | 594,753 | |||||||||
Fixed charges: | ||||||||||||||||||||||||||
Homebuilding interest incurred | $ | 81,411 | $ | 111,638 | $ | 137,398 | $ | 138,593 | $ | 148,355 | $ | 96,184 | $ | 87,510 | ||||||||||||
Interest portion of rent expense | 375 | 375 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||
Fixed Charges | $ | 81,786 | $ | 112,013 | $ | 137,898 | $ | 139,093 | $ | 148,855 | $ | 96,684 | $ | 88,010 | ||||||||||||
Ratio of Earnings to Fixed Charges | 0.1 | (5.4 | ) | (7.2 | ) | (3.7 | ) | 2.6 | 8.0 | 6.8 | ||||||||||||||||