EX-12.1 2 0002.txt STATEMENT OF COMPUTATION OF RATIOS Exhibit 12.1 Standard Pacific Corp. and Subsidiaries Ratio of Earnings to Fixed Charges - Continuing Operations (Dollars in thousands)
For the Nine Months Ended September 30, For the Year Ended December 31, ---------------------- ------------------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 ---------- ---------- ----------- ----------- ---------- ---------- ----------- Fixed charges: Total Interest Incurred $ 27,640 $ 26,491 $ 35,151 $ 29,010 $ 17,026 $16,687 $ 19,200 Interest factor in lease rentals 300 300 400 400 400 400 400 ---------- ---------- ----------- ----------- ---------- ---------- ----------- Fixed Charges $ 27,940 $ 26,791 $ 35,551 $ 29,410 $ 17,426 $17,087 $ 19,600 ========== ========== =========== =========== ========== ========== =========== Earnings & Adjustments: Income (loss) from continuing operations before income taxes $ 98,224 $ 78,635 $114,063 $ 80,894 $ 41,046 $12,948 $(37,247) Add (Deduct): Noncash charges (1) - - 650 - - - 46,491 Income from unconsolidated joint ventures (11,537) (5,148) (6,201) (4,158) (3,787) (4,708) (6,953) Cash distributions from unconsolidated joint ventures 6,032 6,363 6,363 4,270 1,197 7,950 6,000 Fixed charges, above 27,940 26,791 35,551 29,410 17,426 17,087 19,600 Capitalized interest (25,138) (25,463) (33,632) (27,842) (12,044) (9,545) (17,340) Amortization of previously capitalized interest 19,480 19,133 27,401 26,399 23,475 16,920 27,638 ---------- ---------- ----------- ----------- ---------- ---------- ----------- Adjusted Earnings $115,001 $100,311 $144,195 $108,973 $ 67,313 $40,652 $ 38,189 ========== ========== =========== =========== ========== ========== =========== Ratio of Earnings to Fixed Charges 4.12 3.74 4.06 3.71 3.86 2.38 1.95 ========== ========== =========== =========== ========== ========== ===========
-------------- (1) Noncash recurring charges of $650,000 in 1999 related to the write down of leasehold improvements and $46.5 million in 1995 related to real estate inventories in connection with the Company's adoption of Financial Accounting Standards No. 121.