EXHIBIT 12.1 EQUITY ONE, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands) Three Months Ended Year Ended December 31, March 31, -------------------------------------------------------- ------------------ Earnings: 1998 1999 2000 2001 2002 2002 2003 ------ ------ ------ ------ ------ ------ ------ Pretax income from continuing operations before adjustment for minority interest and equity in joint ventures.............. $ 8,600 $13,173 $13,460 $17,152 $27,975 $ 6,347 $11,672 Add: Fixed charges......... 5,647 6,894 17,187 26,446 28,330 7,343 9,308 Distributed income from joint ventures... - - 5 494 549 151 111 Less: Capitalized interest.. 633 1,808 2,181 2,102 2,375 512 684 ------- ------- ------- ------- ------- ------- ------- Earnings....................... $13,614 $18,259 $28,471 $41,990 $54,479 $13,329 $20,407 ======= ======= ======= ======= ======= ======= ======= Fixed charges: Interest expensed and capitalized............... $ 5,456 $ 6,789 $16,917 $25,304 $27,379 $ 7,135 $ 9,351 Amortization of premiums, discounts and capitalized expenses related to indebtedness.............. 191 105 270 1,142 951 208 (43) ------- ------- ------- ------- ------- ------- ------- Fixed charges.................. $ 5,647 $ 6,894 $17,187 $26,446 $28,330 $ 7,343 $ 9,308 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges..................... 2.41 2.65 1.66 1.59 1.92 1.82 2.19 ======= ======= ======= ======= ======= ======= =======