EX-12.1 21 d885162dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

AV Homes, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

(dollars in thousands)    2010     2011     2012     2013     2014  

Earnings:

          

Income (loss) before income taxes and effects of changes in accounting principles

   ($ 36,057   $ (165,704   $ (87,683   $ (8,272   $ (1,603

Less: Net income (loss) from non-controlling interests

     (276     (398     259        1,205        329   

Plus: Fixed charges

     6,043        10,558        9,372        10,863        18,148   

Plus: Amortization of previously capitalized interest

     419        273        913        2,455        4,622   

Less: Capitalized interest

     150        439        1,263        6,466        12,302   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

  (29,469   (154,914   (78,920   (2,625   8,536   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

Interest expensed and capitalized

  3,972      8,192      6,658      9,059      16,078   

Amortization of discount & debt issue costs

  1,709      1,763      2,578      1,770      2,029   

Interest portion of rental expense

  52      133      30      34      41   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges

  5,733      10,088      9,266      10,863      18,148   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

  N/A      N/A      N/A      N/A      0.50   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency Amount

  (35,202   (165,002   (88,186   (13,488   (9,612