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

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
Earnings:	$	145,097	$	70,808	$	483,334	$	476,119		$	382,402	$	194,985		$	78,644
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
Fixed Charges	$	62,975	$	41,928	$	172,109	$	154,195		$	141,365	$	142,327		$	141,405
Ratio of Earnings to Fixed Charges		2.3		1.7		2.8		3.1			2.7		1.4			0.6
Amount of additional earnings needed to cover fixed charges:	$	—	$	—	$	—	$	—		$	—	$	—		$	62,761