Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

For the nine months ended September 30, 2013, our earnings were in excess of fixed charges. The following table presents our historical ratio of earnings to fixed charges and amount of excess of fixed charges and preferred stock dividends to earnings, as applicable, for the periods indicated.

	Successor(1)								Predecessor(1)
	Nine Months Ended September 30, 2013		Period from February 25, through December 31, 2012			Period From February 25, through September 30, 2012			Period from January 1, through February 24, 2012			Year Ended December 31,
												2011			2010			2009			2008
Ratio of earnings to fixed charges (2)		2.07x		1.02x			—			—			—			—			—			—
Excess of fixed charges to earnings (loss) (2)	$	—	$	—		$	(10,346	)	$	(16,050	)	$	(86,347	)	$	(52,871	)	$	(150,218	)	$	(82,117	)
Excess of combined fixed charges and preferred stock dividends to earnings (loss) (2)	$	—	$	(2,097	)	$	(12,144	)		N/A			N/A			N/A			N/A			N/A

(1) Successor refers to William Lyon Homes and its consolidated subsidiaries on and after the Emergence Date, after giving effect to: (i) the cancellation of shares of our common stock issued prior to February 25, 2012; (ii) the issuance of shares of new common stock, and settlement of existing debt and other adjustments in accordance with the Plan; and (iii) the application of fresh start accounting. Predecessor refers to William Lyon Homes and its consolidated subsidiaries up to the Emergence Date. In relation to the adoption of fresh start accounting in conjunction with the confirmation of the Plan, the results of operations for 2012 separately present the period from January 1, 2012 through February 24, 2012 as the pre-emergence, predecessor entity and the periods from February 25, 2012 through September 30, 2012 and from February 25, 2012 through December 31, 2012 as the successor entity. As such, the application of fresh start accounting is reflected in the period from February 25, 2012 through December 31, 2012 and not the period from January 1, 2012 through February 24, 2012. Certain statistics including (i) net new home orders, (ii) average number of sales locations, (iii) backlog, (iv) number of homes closed, (v) homes sales revenue and (vi) average sales price of homes closed are not affected by the fresh start accounting.

(2) The term “fixed charges” means the sum of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) portion of rent expense considered to be interest, and (d) preference security dividend requirements of consolidated subsidiaries. The term “preference security dividend” is the amount of pre-tax earnings that is required to pay dividends on outstanding preference securities. The term “earnings” means the sum of (a) pre-tax income from continuing operations and (b) fixed charges.