Tri Pointe Homes (TPH) 10-K2017 FY Annual report

Filed: 20 Feb 18, 12:00am

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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.