Exhibit 12.1
TRI Pointe Group, Inc.
Ratio of Earnings to Fixed Charges
(In Thousands, Except Ratios)
| Years Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Earnings: | |||||||||||||||||||
Income (loss) from continuing operations before taxes, net of noncontrolling interests | $ | 339,818 | $ | 302,227 | $ | 319,260 | $ | 127,964 | $ | (237,454 | ) | ||||||||
| Adjustments to income (loss) before income taxes: | |||||||||||||||||||
| Loss (income) of unconsolidated entities | 5,007 | (4,989 | ) | (2,691 | ) | 288 | (2 | ) | |||||||||||
| Returns on investments in unconsolidated entities, net | 7,215 | 6,276 | — | 80 | 1,111 | ||||||||||||||
| Fixed charges | 86,201 | 70,104 | 62,701 | 42,200 | 23,189 | ||||||||||||||
| Amortization of capitalized interest | 65,245 | 51,288 | 45,114 | 52,747 | 36,671 | ||||||||||||||
| Capitalized interest | (84,264 | ) | (68,306 | ) | (60,964 | ) | (38,975 | ) | (19,081 | ) | |||||||||
| Income (loss) as adjusted | $ | 419,222 | $ | 356,600 | $ | 363,420 | $ | 184,304 | $ | (195,566 | ) | ||||||||
| Fixed charges: | |||||||||||||||||||
| Interest expensed and capitalized | 84,264 | 68,306 | 60,964 | 41,706 | 22,674 | ||||||||||||||
| Portion of rents representative of interest factor | 1,937 | 1,798 | 1,737 | 494 | 515 | ||||||||||||||
| Fixed charges | $ | 86,201 | $ | 70,104 | $ | 62,701 | $ | 42,200 | $ | 23,189 | |||||||||
| Ratio of earnings to fixed charges | 4.9 | 5.1 | 5.8 | 4.4 | (a) | ||||||||||||||
__________
(a) For the year ended December 31, 2013 our earnings were not sufficient to cover fixed charges for such year by approximately $218.8 million. This was primarily due to $343.3 million of impairment and related charges for Coyote Springs, a large master planned community north of Las Vegas, Nevada. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries were excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to Coyote Springs.