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, 2011, 2010, 2009, 2008 and 2007, earnings were insufficient to cover fixed charges for each such year by $50.4 million, $9.6 million, $350.3 million, $553.7 million and $401.4 million, respectively.

	Fiscal Year Ended December 31,
	2011			2010			2009			2008			2007
	(In millions, except ratios)
Earnings:
(Loss) / income before income taxes, excluding equity in income (loss) from joint ventures	$	(115,445	)	$	(67,395	)	$	(433,189	)	$	(600,907	)	$	(476,268	)
Plus:
Fixed charges		69,961			62,290			59,512			58,912			79,448
Capitalized interest included in cost of sales		47,563			48,805			82,299			46,228			46,632
Distribution of earnings from Unconsolidated Joint Ventures		650			400			630			937			28,198
Less:
Interest capitalized		(53,155	)		(53,732	)		(59,512	)		(58,912	)		(79,488	)
Total earnings as calculated		(50,426	)		(9,632	)		(350,260	)		(553,742	)		(401,438	)
Fixed charges:
Interest incurred		69,961			62,290			59,512			58,912			79,488
Portion of rental expense deemed to be representative of an interest factor		—			—			—			—			—
Total fixed charges		69,961		$	62,290		$	59,512		$	58,912		$	79,488
Ratio of earnings to fixed charges		—			—			—			—			—