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

Exhibit 12.1

Standard Pacific Corp.

Ratio of Earnings to Fixed Charges - Continuing Operations

(Dollars in thousands)

	Nine Months Ended September 30,					Year Ended December 31,
	2014			2013		2013		2012			2011			2010			2009
Earnings:
Net income (loss) from continuing operations	$	151,221		$	123,895	$	188,715	$	531,421		$	(16,417	)	$	(11,724	)	$	(13,217	)
Add:
Cash distributions of income from unconsolidated joint ventures		1,875			3,375		3,375		3,910			20			—			3,465
Provision (benefit) for income taxes		94,361			32,778		68,983		(453,234	)		(56	)		(557	)		(96,265	)
Homebuilding interest amortized to cost of sales and interest expense		83,758			88,869		121,778		110,298			94,804			100,739			134,188
Interest portion of rent expense		375			375		500		500			500			500			500
Less:
Income (loss) from unconsolidated joint ventures		(342	)		1,249		949		(2,090	)		207			1,166			(4,598	)
Earnings:	$	331,932		$	248,043	$	382,402	$	194,985		$	78,644		$	87,792		$	33,269
Fixed charges:
Homebuilding interest incurred	$	113,735		$	103,319	$	140,865	$	141,827		$	140,905		$	110,358		$	107,976
Interest portion of rent expense		375			375		500		500			500			500			500
Fixed Charges	$	114,110		$	103,694	$	141,365	$	142,327		$	141,405		$	110,858		$	108,476
Ratio of Earnings to Fixed Charges		2.9			2.4		2.7		1.4			0.6			0.8			0.3
Amount of additional earnings needed to cover fixed charges:	$	—		$	—	$	—	$	—		$	62,761		$	23,066		$	75,207