EX-12.1 5 d781632dex121.htm STATEMENT OF THE COMPUTATIONS OF THE RATIO OF EARNINGS TO FIXED CHARGES Statement of the Computations of the Ratio of Earnings to Fixed Charges

Exhibit 12.1

WCI COMMUNITIES, INC.

STATEMENT OF THE COMPUTATIONS OF THE RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

NINE MONTHS ENDED SEPTEMBER 30, 2014 AND THE THREE YEARS ENDED DECEMBER 31, 2013

($ IN THOUSANDS)

(UNAUDITED)

 

     Nine Months
Ended
September 30,

2014
    Years Ended December 31,  
       2013     2012      2011  

Earnings

         

Income (loss) from continuing operations before income taxes

   $ 15,172      $ 20,776      $ (4,305    $ (54,453

Fixed charges

     12,867        15,143        17,016         19,246   

Amortization of capitalized interest

     3,653        4,257        2,304         988   

Capitalized interest

     (11,301     (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

   $ 20,391      $ 28,558      $ 5,757       $ (35,437
  

 

 

   

 

 

   

 

 

    

 

 

 

Fixed Charges

         

Interest incurred, both expensed and capitalized

   $ 12,177      $ 14,278      $ 16,227       $ 18,215   

Interest portion of rental expense

     690        865        789         1,031   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 12,867      $ 15,143      $ 17,016       $ 19,246   
  

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of Earnings to Fixed Charges

     1.6        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.

For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments. Therefore, the ratios of earnings to fixed charges and preferred stock dividends were identical to the ratios presented in the table above.