Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown.
| Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 23,124 | $ | 12,110 | $ | 127,965 | $ | (237,454 | ) | $ | 99,629 | $ | 54,272 | $ | 85,871 | |||||||||||||
Fixed charges | 15,331 | 4,139 | 42,200 | 23,189 | 27,582 | 24,306 | 28,831 | |||||||||||||||||||||
Amortization of capitalized interest | 6,765 | 4,063 | 52,747 | 36,671 | 30,292 | 23,290 | 27,792 | |||||||||||||||||||||
Capitalized interest | (15,176 | ) | (3,809 | ) | (38,975 | ) | (19,081 | ) | (22,059 | ) | (21,520 | ) | (25,836 | ) | ||||||||||||||
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Income as adjusted | $ | 30,044 | $ | 16,503 | $ | 183,937 | $ | (196,675 | ) | $ | 135,444 | $ | 80,348 | $ | 116,658 | |||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expensed and capitalized | 15,176 | 4,038 | 41,706 | 22,674 | 27,038 | 23,736 | 28,219 | |||||||||||||||||||||
Portion of rents representative of interest factor | 155 | 101 | 494 | 515 | 544 | 570 | 612 | |||||||||||||||||||||
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Fixed charges | $ | 15,331 | $ | 4,139 | $ | 42,200 | $ | 23,189 | $ | 27,582 | $ | 24,306 | $ | 28,831 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.0 | 4.0 | 4.4 | — | (a) | 4.9 | 3.3 | 4.0 | ||||||||||||||||||||
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| (a) | For the year ended December 31, 2013, earnings were insufficient to cover fixed charges for such year by approximately $219.9 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. |