Exhibit 12.1
Standard Pacific Corp.
Ratio of Earnings to Fixed Charges - Continuing Operations
(Dollars in thousands)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 64,960 | $ | 22,786 | $ | 531,421 | $ | (16,417 | ) | $ | (11,724 | ) | $ | (13,217 | ) | $ | (1,231,329 | ) | ||||||||||
Add: | ||||||||||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 3,375 | 160 | 3,910 | 20 | — | 3,465 | 1,975 | |||||||||||||||||||||
Provision (benefit) for income taxes | 21,577 | 376 | (453,234 | ) | (56 | ) | (557 | ) | (96,265 | ) | (5,495 | ) | ||||||||||||||||
Homebuilding interest amortized to cost of sales and interest expense | 58,547 | 47,187 | 110,298 | 94,804 | 100,739 | 134,188 | 93,551 | |||||||||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 1,281 | (2,668 | ) | (2,090 | ) | 207 | 1,166 | (4,598 | ) | (150,875 | ) | |||||||||||||||||
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Earnings: | $ | 147,428 | $ | 73,427 | $ | 194,985 | $ | 78,644 | $ | 87,792 | $ | 33,269 | $ | (989,923 | ) | |||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Homebuilding interest incurred | $ | 68,553 | $ | 70,620 | $ | 141,827 | $ | 140,905 | $ | 110,358 | $ | 107,976 | $ | 137,398 | ||||||||||||||
Interest portion of rent expense | 250 | 250 | 500 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
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Fixed Charges | $ | 68,803 | $ | 70,870 | $ | 142,327 | $ | 141,405 | $ | 110,858 | $ | 108,476 | $ | 137,898 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 2.1 | 1.0 | 1.4 | 0.6 | 0.8 | 0.3 | (7.2 | ) | ||||||||||||||||||||
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Amount of additional earnings needed to cover fixed charges: | $ | — | $ | — | $ | — | $ | 62,761 | $ | 23,066 | $ | 75,207 | $ | 1,127,821 | ||||||||||||||