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 and 2009, earnings were insufficient to cover fixed charges for each such year by $40.2 million, $9.6 million and $350.3 million, respectively.

	Fiscal Year Ended December 31,
	2013			2012			2011			2010			2009
	(In millions, except ratios)
Earnings:
(Loss) / income before income taxes, excluding equity in income (loss) from joint ventures	$	112,942		$	29,422		$	(105,177	)	$	(67,395	)	$	(433,189	)
Plus:
Fixed charges		67,048			66,857			69,961			62,290			59,512
Capitalized interest included in cost of sales		61,637			55,582			47,563			48,805			82,299
Distribution of earnings from unconsolidated joint ventures		7,100			1,400			650			400			630
Less:
Interest capitalized		(61,977	)		(46,995	)		(53,155	)		(53,732	)		(59,512	)
Total earnings as calculated		186,750			106,266			(40,158	)		(9,632	)		(350,260	)
Fixed charges:
Interest incurred		67,048			66,857			69,961			62,290			59,512
Portion of rental expense deemed to be representative of an interest factor		—			—			—			—			—
Total fixed charges	$	67,048		$	66,857		$	69,961		$	62,290		$	59,512
Ratio of earnings to fixed charges		2.8			1.6			—			—			—