Ryland 10-Q 2013 Q2 Quarterly report

Exhibit 12.1: Computation of Ratio of Earnings to Fixed Charges

											SIX MONTHS
											ENDED
	TWELVE MONTHS ENDED DECEMBER 31,										JUNE 30,
(in thousands, except ratio)	2008		2009		2010		2011		2012		2013
(Loss) income from continuing operations before taxes	$	(378,571)	$	(240,542)	$	(80,497)	$	(32,732)	$	43,967	$	66,482
Share of distributed loss (income) of
50%-or-less-owned affiliates,
net of equity pickup	43,926		(308)		3,705		976		(1,218)		(241)
Amortization of capitalized interest	57,700		51,477		40,791		32,068		40,612		23,690
Interest	37,348		46,949		55,615		56,635		59,503		33,795
Less: interest capitalized during the period	(44,893)		(35,931)		(31,221)		(38,032)		(42,327)		(26,653)
Interest portion of rental expense	7,114		4,354		3,733		2,360		1,976		1,007
(LOSS) EARNINGS	$	(277,376)	$	(174,001)	$	(7,874)	$	21,275	$	102,513	$	98,080
Interest	$	37,348	$	46,949	$	55,615	$	56,635	$	59,503	$	33,795
Interest portion of rental expense	7,114		4,354		3,733		2,360		1,976		1,007
FIXED CHARGES	$	44,462	$	51,303	$	59,348	$	58,995	$	61,479	$	34,802
(DEFICIENCY) SURPLUS	$	(321,838)	$	(225,304)	$	(67,222)	$	(37,720)	$	41,034	$	63,278
Ratio of earnings to fixed charges	-		-		-		-		1.67		2.82