CENTURY COMMUNITIES, INC.
Ratio of Earnings to Fixed Charges
The following table sets forth our ratio of earnings to fixed charges for the years ended December 31, 2015, 2014, 2013 and 2012.
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| Year Ended December 31, | |||||||||||
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(Dollars in thousands) | 2015 |
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| 2014 |
| 2013 |
| 2012 | |||||||
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Earnings | $ | 70,767 |
| $ | 33,530 |
| $ | 19,679 |
| $ | 8,938 | ||||
Fixed charges | $ | 20,693 |
| $ | 11,053 |
| $ | 1,183 |
| $ | 1,751 | ||||
Earnings to fixed charges | $ | 3.42 |
| $ | 3.03 |
| $ | 16.63 |
| $ | 5.11 | ||||
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Earnings (Loss): |
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Income before income taxes | $ | 60,305 |
| $ | 30,959 |
| $ | 18,073 |
| $ | 7,439 | ||||
Add: fixed charges |
| 20,693 |
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| 11,053 |
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| 1,183 |
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| 1,751 | ||||
Less: capitalized interest |
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| (10,848) |
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| (1,098) |
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| (1,681) | ||||
Add: amortization of previously capitalized interest |
| 10,082 |
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| 2,366 |
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| 1,521 |
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| 1,429 | ||||
Total earnings | $ | 70,767 |
| $ | 33,530 |
| $ | 19,679 |
| $ | 8,938 | ||||
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Fixed Charges: |
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Interest expense (1) | $ | 10 |
| $ | 26 |
| $ | — |
| $ | — | ||||
Interest component of rent expense |
| 370 |
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| 179 |
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| 85 |
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| 70 | ||||
Capitalized interest |
| 20,313 |
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| 10,848 |
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| 1,098 |
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| 1,681 | ||||
Total fixed charges | $ | 20,693 |
| $ | 11,053 |
| $ | 1,183 |
| $ | 1,751 | ||||
(1) Excludes capitalized interest