Exhibit 12.1
The St. Joe Company and Subsidiaries
Ratio/Deficiency of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
Years Ended | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income (loss) from operations before equity in loss from unconsolidated affiliates and income taxes | $ | 6,423 | $ | (385,873 | ) | $ | (55,446 | ) | $ | (205,140 | ) | $ | (62,196 | ) | ||||||
Plus: Fixed charges | 2,838 | 5,120 | 9,863 | 2,100 | 7,391 | |||||||||||||||
Less: Capitalized interest | — | (243 | ) | (245 | ) | (44 | ) | (1,582 | ) | |||||||||||
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Total Earnings (A) | 9,261 | (380,996 | ) | (45,828 | ) | (203,084 | ) | (56,387 | ) | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expensed | $ | 2,820 | $ | 3,921 | $ | 8,612 | $ | 1,157 | $ | 4,483 | ||||||||||
Interest capitalized | — | 243 | 245 | 44 | 1,582 | |||||||||||||||
Amortization of debt issuance costs | — | 578 | 646 | 485 | 840 | |||||||||||||||
Interest expense in rental expense | 18 | 378 | 360 | 414 | 486 | |||||||||||||||
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Total fixed charges (B) | 2,838 | 5,120 | 9,863 | 2,100 | 7,391 | |||||||||||||||
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RATIO (DEFICIENCY) OF EARNINGS TO FIXED CHARGES | 3.26 | $ | (386,116 | ) | $ | (55,691 | ) | $ | (205,184 | ) | $ | (63,778 | ) | |||||||
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