Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges—Continuing Operations
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||
Earnings: | ||||||||||||||||
Net income | $ | 123,693 | $ | 440,984 | $ | 315,817 | $ | 204,379 | $ | 118,689 | ||||||
Add: | ||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 75,422 | 61,725 | 67,457 | 63,905 | 18,034 | |||||||||||
Income taxes | 70,040 | 269,830 | 196,799 | 130,719 | 75,992 | |||||||||||
Expensing of previously capitalized interest included in cost of sales | 88,933 | 64,580 | 59,382 | 62,607 | 48,208 | |||||||||||
Interest portion of rent expense | 500 | 500 | 500 | 500 | 400 | |||||||||||
Less: | ||||||||||||||||
Income (loss) from unconsolidated joint ventures | (1,880 | ) | 61,196 | 45,906 | 57,069 | 24,450 | ||||||||||
Earnings: | $ | 360,468 | $ | 776,423 | $ | 594,049 | $ | 405,041 | $ | 236,873 | ||||||
Fixed charges: | ||||||||||||||||
Homebuilding interest incurred | $ | 148,335 | $ | 95,554 | $ | 87,085 | $ | 76,032 | $ | 56,667 | ||||||
Interest portion of rent expense | 500 | 500 | 500 | 500 | 400 | |||||||||||
Fixed Charges | $ | 148,835 | $ | 96,054 | $ | 87,585 | $ | 76,532 | $ | 57,067 | ||||||
Ratio of Earnings to Fixed Charges | 2.4 | 8.1 | 6.8 | 5.3 | 4.2 | |||||||||||
