CalAtlantic (CAA) 8-K Entry into a Material Definitive Agreement

EXHIBIT 12.1

Standard Pacific Corp. and Subsidiaries

Ratio of Earnings to Fixed Charges—Continuing Operations

(Dollars in thousands)

	Six Months Ended June 30,				Year Ended December 31,
	2005		2004		2004		2003		2002		2001		2000
Earnings:
Net income	$	189,716	$	102,387	$	315,817	$	204,379	$	118,689	$	111,065	$	100,142
Add:
Cash distributions of income from unconsolidated joint ventures		13,435		31,150		67,457		63,905		18,034		27,876		7,754
Income taxes		116,208		64,215		196,799		130,719		75,992		73,411		66,005
Homebuilding interest expense		4,362		3,612		7,521		6,847		5,489		4,158		3,599
Expensing of previously capitalized interest included in cost of sales		29,085		23,176		59,382		62,607		48,208		39,990		33,854
Interest portion of rent expense		250		250		500		500		400		400		400
Less:
Income from unconsolidated joint ventures		22,803		29,116		53,427		63,916		29,939		28,388		17,196
Earnings:	$	330,253	$	195,674	$	594,049	$	405,041	$	236,873	$	228,512	$	194,558
Fixed charges:
Homebuilding interest incurred	$	43,106	$	43,354	$	87,085	$	76,032	$	56,667	$	49,478	$	39,627
Interest portion of rent expense		250		250		500		500		400		400		400
Fixed Charges	$	43,356	$	43,604	$	87,585	$	76,532	$	57,067	$	49,878	$	40,027
Ratio of Earnings to Fixed Charges		7.6		4.5		6.8		5.3		4.2		4.6		4.9