EX-12.1 34 d901786dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown.

 

     Three months ended March 31,     Year ended December 31,  
     2015     2014     2014     2013     2012     2011     2010  
                 (in thousands)  

Earnings:

               

Income (loss) from continuing operations before taxes

    $ 23,124      $ 12,110      $ 127,965      $ (237,454 )    $ 99,629      $ 54,272      $ 85,871   

Fixed charges

      15,331        4,139        42,200        23,189        27,582        24,306        28,831   

Amortization of capitalized interest

      6,765        4,063        52,747        36,671        30,292        23,290        27,792   

Capitalized interest

      (15,176 )      (3,809 )      (38,975 )      (19,081 )      (22,059 )      (21,520 )      (25,836 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income as adjusted

 $ 30,044    $ 16,503    $ 183,937    $ (196,675 )  $ 135,444    $ 80,348    $ 116,658   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expensed and capitalized

   15,176      4,038      41,706      22,674      27,038      23,736      28,219   

Portion of rents representative of interest factor

   155      101      494      515      544      570      612   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

 $ 15,331    $ 4,139    $ 42,200    $ 23,189    $ 27,582    $ 24,306    $ 28,831   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

   2.0      4.0      4.4      —   (a)    4.9      3.3      4.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)  For the year ended December 31, 2013, earnings were insufficient to cover fixed charges for such year by approximately $219.9 million. This was primarily due to $343.3 million of impairment and related charges for Coyote Springs, a large master planned community north of Las Vegas, Nevada. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries were excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to Coyote Springs.