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. For the three months ended March 31, 2012 and 2011, earnings were insufficient to cover fixed charges for the period by $2.9 million and $17.8 million, respectively.

	Three Months Ended March 31,						Fiscal Year Ended December 31,
	2012			2011			2011			2010			2009			2008			2007
		(In millions, except ratios)
Earnings:
Income (loss) before income taxes, excluding income (loss) from joint ventures	$	(1,017	)	$	(8,148	)	$	(115,445	)	$	(67,395	)	$	(433,189	)	$	(600,907	)	$	(476,268	)
Plus:
Fixed charges		16,661			19,662			69,961			62,290			59,512			58,912			79,448
Capitalized interest included in cost of sales		7,961			6,051			47,563			48,805			82,299			46,228			46,632
Distributions from unconsolidated joint ventures		500			—			650			400			630			937			28,198
Less:
Interest capitalized		(10,372	)		(15,711	)		(53,155	)		(53,732	)		(59,512	)		(58,912	)		(79,488	)
Total earnings as defined before fixed charges		13,733			1,854			(50,426	)		(9,632	)		(350,260	)		(553,742	)		(401,438	)
Fixed charges:
Interest incurred		16,661			19,662			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	$	16,661		$	19,662		$	69,961		$	62,290		$	59,512		$	58,912		$	79,488
Ratio of earnings to fixed charges		—			—			—			—			—			—			—