EX-12.1 4 d781488dex121.htm WCI COMMUNITIES, INC. STATEMENT OF THE COMPUTATIONS OF THE RATIO OF EARNINGS WCI Communities, Inc. Statement of the Computations of the Ratio of Earnings

Exhibit 12.1

WCI Communities, Inc.

Statement Of The Computations Of The Ratio Of Earnings To Fixed Charges

Six Months Ended June 30, 2014 and the Three Years Ended December 31, 2013

($ in thousands)

(Unaudited)

 

     Six Months Ended
June 30, 2014
    Years Ended December 31,  
       2013     2012     2011  

Earnings

        

Income (loss) from continuing operations before income taxes

   $ 10,592      $ 20,776      $ (4,305   $ (54,453

Fixed charges

     8,039        15,143        17,016        19,246   

Amortization of capitalized interest

     2,267        4,257        2,304        988   

Capitalized interest

     (6,890     (11,741     (9,249     (1,261

Distributions in excess of (less than) earnings for equity method investees

     —          123        (9     43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings (loss), as adjusted

   $ 14,008      $ 28,558      $ 5,757      $ (35,437
  

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges

        

Interest incurred, both expensed and capitalized

   $ 7,575      $ 14,278      $ 16,227      $ 18,215   

Interest portion of rental expense

     464        865        789        1,031   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 8,039      $ 15,143      $ 17,016      $ 19,246   
  

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     1.7        1.9        (A)        (A)   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Total earnings (loss), as adjusted, was inadequate to cover fixed charges for the years ended December 31, 2012 and 2011. Additional earnings of approximately $11.3 million and $54.7 million, respectively, would have been necessary to eliminate the respective deficits and bring the ratio of earnings to fixed charges to 1.0.