Exhibit 12.1

Shea Homes Limited Partnership and Subsidiaries

Statement Re: Computation of Earnings to Fixed Charges

The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown. In calculating the ratio of earnings to fixed charges, earnings are calculated as (a) income (loss) before income taxes, excluding income (loss) from joint ventures, plus (b) fixed charges, plus (c) capitalized interest included in cost of sales, plus (d) distributed income of equity investees, minus (e) interest capitalized. Fixed charges are comprised of (a) interest incurred and (b) the portion of rental expense deemed to be representative of an interest factor. For the years ended December 31, 2010, 2009, 2008 and 2007, earnings were insufficient to cover fixed charges for each such year by $9.7 million, $350.8 million, $553.9 million and $401.4 million, respectively. For the nine months ended September 30, 2011 and 2010, earnings were insufficient to cover fixed charges for the period by $69.0 million and $21.4 million, respectively.

	Nine Months Ended September 30,						Fiscal Year Ended December 31,
	2011			2010			2010			2009			2008			2007			2006
	(In millions, except ratios)
Earnings:
(Loss) / income before income taxes, excluding equity in income (loss) from joint ventures	$	(109,766	)	$	(58,895	)	$	(67,395	)	$	(433,189	)	$	(600,907	)	$	(476,268	)	$	454,806
Plus:
Fixed charges		53,906			43,316			62,111			59,339			57,718			79,448			85,334
Capitalized interest included in cost of sales		27,014			31,541			48,782			81,729			46,064			46,632			60,913
Distribution of earnings from Unconsolidated Joint Ventures		—			—			400			630			937			28,198			7,066
Less:
Interest capitalized		(40,164	)		(37,398	)		(53,553	)		(59,339	)		(57,718	)		(79,488	)		(85,334	)
Total earnings as calculated		(69,010	)		(21,436	)		(9,655	)		(350,830	)		(553,906	)		(401,438	)		522,785
Fixed charges:
Interest incurred		53,906			43,316			62,111			59,339			57,718			79,488			85,334
Portion of rental expense deemed to be representative of an interest factor		—			—			—
Total fixed charges	$	53,906		$	43,316		$	62,111		$	59,339		$	57,718		$	79,488		$	85,334
Ratio of earnings to fixed charges		—			—			—			—			—			—			6.1x