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)

	Year Ended December 31,
	2016		2015		2014			2013		2012
Earnings:
Net income (loss) from continuing operations	$	484,730	$	213,509	$	215,865		$	188,715	$	531,421
Add:
Cash distributions of income from unconsolidated joint ventures		671		2,830		1,875			3,375		3,910
Provision (benefit) for income taxes		268,386		128,980		134,099			68,983		(453,234	)
Homebuilding interest amortized to cost of sales and interest expense		171,701		139,381		123,112			121,778		110,298
Interest portion of rent expense		900		600		500			500		500
Less:
Income (loss) from unconsolidated joint ventures		4,057		1,966		(668	)		949		(2,090	)
Earnings:	$	922,331	$	483,334	$	476,119		$	382,402	$	194,985
Fixed charges:
Homebuilding interest incurred	$	233,225	$	171,509	$	153,695		$	140,865	$	141,827
Interest portion of rent expense		900		600		500			500		500
Fixed Charges	$	234,125	$	172,109	$	154,195		$	141,365	$	142,327
Ratio of Earnings to Fixed Charges		3.9		2.8		3.1			2.7		1.4
Amount of additional earnings needed to cover fixed charges:	$	—	$	—	$	—		$	—	$	—