EXHIBIT 12.1 The Ryland Group, Inc. Statements RE Computation of Ratios of Earnings to Fixed Charges For the Nine Months Ended Sepetmber 30, 1999 and the Years Ended December 31, 1998, 1997, 1996, 1995, and 1994 ($'s in thousands) Nine Months Year ended December 31, Ended September 30, 1994 1995 1996 1997 1998 1999 -------- -------- -------- -------- -------- -------- Consolidated pretax income (loss) from continuing operations $ 27,363 $(42,457) $ 26,397 $ 36,470 $ 75,158 $ 75,183 Share of distributed income of 50%-or-less-owned affiliates net of equity pickup 6,242 11,082 539 1,334 2,602 (200) Amortization of capitalized interest 16,240 12,137 17,035 21,581 20,645 13,343 Interest 117,391 108,246 90,529 74,950 63,410 39,916 Less interest capitalized during the period (12,282) (17,543) (16,975) (17,636) (18,601) (17,870) Net amortization of debt discount and premium and issuance expense 2,041 94 243 84 36 31 Interest portion of rental expense 4,653 3,890 3,394 3,541 4,709 3,392 -------- -------- -------- -------- -------- -------- EARNINGS $161,648 $ 75,449 $121,162 $120,324 $147,959 $113,795 ======== ======== ======== ======== ======== ======== Interest 117,254 108,246 90,529 74,950 63,410 39,916 Net amortization of debt discount and issuance expense 2,041 94 243 84 36 31 Interest portion of rental expense 4,653 3,890 3,394 3,541 4,709 3,392 Interest expense relating to guaranteed debt of 50%-or-less-owned affiliate 137 -- -- -- -- -- -------- -------- -------- -------- -------- -------- FIXED CHARGES $124,085 $112,230 $ 94,166 $ 78,575 $ 68,155 $ 43,339 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 1.30 -- * 1.29 1.53 2.17 2.63 * For the year ended December 31, 1995, the deficiency of earnings to fixed charges totaled $37 million, primarily due to a $45 million impairment relating to homebuilding inventories.