CalAtlantic (CAA) S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

Standard Pacific Corp. and Subsidiaries

Ratio of Earnings to Fixed Charges—Continuing Operations

(Dollars in thousands)

	Three months ended March 31,						Year Ended December 31,
	2003			2002			2002			2001			2000			1999			1998
Earnings:
Net income	$	24,789		$	17,788		$	118,689		$	111,065		$	100,142		$	68,030		$	45,877
Add:
Cash distributions of income from unconsolidated joint ventures		11,657			5,230			18,034			27,876			7,754			7,531			4,757
Income taxes		15,928			11,746			75,992			73,411			66,005			46,492			33,490
Homebuilding interest expense		1,656			1,078			5,489			4,158			3,599			1,519			1,168
Expensing of previously capitalized interest included in cost of sales		9,519			9,086			48,208			39,990			33,854			27,401			26,399
Interest portion of rent expense		125			100			400			400			400			400			400
Extraordinary charge from early extinguishment of debt, net of income taxes		—			—			—			—			—			—			1,328
Less:
Income from unconsolidated joint ventures		(8,883	)		(3,980	)		(29,938	)		(28,387	)		(17,196	)		(6,785	)		(4,158	)
Net gain (loss) from discontinued operations, net of income taxes		—			—			—			—			—			(459	)		199
Earnings:	$	54,791		$	41,048		$	236,874		$	228,513		$	194,558		$	144,129		$	109,460
Fixed charges:
Homebuilding interest incurred	$	16,001		$	12,259		$	56,667		$	49,478		$	39,627		$	35,151		$	29,010
Interest portion of rent expense		125			100			400			400			400			400			400
Fixed Charges	$	16,126		$	12,359		$	57,067		$	49,878		$	40,027		$	35,551		$	29,410
Ratio of Earnings to Fixed Charges		3.4			3.3			4.2			4.6			4.9			4.1			3.7