Exhibit 12.1
CalAtlantic Group, Inc.
Ratio of Earnings to Fixed Charges - Continuing Operations
(Dollars in thousands)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 72,661 | $ | 31,605 | $ | 213,509 | $ | 215,865 | $ | 188,715 | $ | 531,421 | $ | (16,417 | ) | |||||||||||||
Add: | ||||||||||||||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | 450 | — | 2,830 | 1,875 | 3,375 | 3,910 | 20 | |||||||||||||||||||||
Provision (benefit) for income taxes | 42,543 | 16,891 | 128,980 | 134,099 | 68,983 | (453,234 | ) | (56 | ) | |||||||||||||||||||
Homebuilding interest amortized to cost of sales and interest expense | 30,382 | 22,638 | 139,381 | 123,112 | 121,778 | 110,298 | 94,804 | |||||||||||||||||||||
Interest portion of rent expense | 250 | 125 | 600 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Income (loss) from unconsolidated joint ventures | 1,189 | 451 | 1,966 | (668 | ) | 949 | (2,090 | ) | 207 | |||||||||||||||||||
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Earnings: | $ | 145,097 | $ | 70,808 | $ | 483,334 | $ | 476,119 | $ | 382,402 | $ | 194,985 | $ | 78,644 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Homebuilding interest incurred | $ | 62,725 | $ | 41,803 | $ | 171,509 | $ | 153,695 | $ | 140,865 | $ | 141,827 | $ | 140,905 | ||||||||||||||
Interest portion of rent expense | 250 | 125 | 600 | 500 | 500 | 500 | 500 | |||||||||||||||||||||
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Fixed Charges | $ | 62,975 | $ | 41,928 | $ | 172,109 | $ | 154,195 | $ | 141,365 | $ | 142,327 | $ | 141,405 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 2.3 | 1.7 | 2.8 | 3.1 | 2.7 | 1.4 | 0.6 | |||||||||||||||||||||
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Amount of additional earnings needed to cover fixed charges: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 62,761 |