10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

OR

[  ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the transition period from N/A to

Commission file number 1-10959   

STANDARD PACIFIC CORP.

(Exact name of registrant as specified in its charter)

Delaware	33-0475989
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
15360 Barranca Parkway, Irvine, CA (Address of principal executive offices)	92618-2215 (Zip Code)

(949) 789-1600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      X      No .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes     X     No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,  a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ¨	Accelerated filer  x
Non-accelerated filer  ¨ (Do not check if a smaller reporting company)	Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes    No    X   .

Registrant's shares of common stock outstanding at July 26, 2012: 200,078,947

STANDARD PACIFIC CORP.

FORM 10-Q

INDEX

				Page No.
PART I.	Financial Information
		ITEM 1.	Financial Statements
			Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2012 and 2011	2
			Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2012 and 2011	3
			Condensed Consolidated Balance Sheets as of June 30, 2012 (Unaudited) and December 31, 2011	4
			Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011	5
			Notes to Unaudited Condensed Consolidated Financial Statements	6
		ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
		ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	40
		ITEM 4.	Controls and Procedures	41
PART II.	Other Information
		ITEM 1.	Legal Proceedings	43
		ITEM 1A.	Risk Factors	43
		ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
		ITEM 3.	Defaults Upon Senior Securities	43
		ITEM 4.	Mine Safety Disclosures	43
		ITEM 5.	Other Information	43
		ITEM 6.	Exhibits	43
SIGNATURES				44

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PART I.   FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,							Six Months Ended June 30,
	2012				2011			2012			2011
	(Dollars in thousands, except per share amounts)
	(Unaudited)
Homebuilding:
Home sale revenues		$	274,872		$	204,236		$	495,189		$	347,935
Land sale revenues			―			109			3,385			109
Total revenues			274,872			204,345			498,574			348,044
Cost of home sales			(218,586	)		(169,433	)		(394,181	)		(283,745	)
Cost of land sales			―			(114	)		(3,366	)		(114	)
Total cost of sales			(218,586	)		(169,547	)		(397,547	)		(283,859	)
Gross margin			56,286			34,798			101,027			64,185
Selling, general and administrative expenses			(41,952	)		(38,443	)		(79,644	)		(70,704	)
Loss from unconsolidated joint ventures			(1,146	)		(379	)		(2,668	)		(636	)
Interest expense			(1,617	)		(7,444	)		(4,147	)		(17,959	)
Other income (expense)			307			977			4,591			1,269
Homebuilding pretax income (loss)			11,878			(10,491	)		19,159			(23,845	)
Financial Services:
Revenues			5,405			2,535			9,031			3,595
Expenses			(2,915	)		(2,429	)		(5,175	)		(4,847	)
Other income			84			41			147			56
Financial services pretax income (loss)			2,574			147			4,003			(1,196	)
Income (loss) before income taxes			14,452			(10,344	)		23,162			(25,041	)
Provision for income taxes			(189	)		(175	)		(376	)		(275	)
Net income (loss)			14,263			(10,519	)		22,786			(25,316	)
Less: Net (income) loss allocated to preferred shareholder			(6,130	)		4,554			(9,807	)		10,968
Less: Net (income) loss allocated to unvested restricted stock			(15	)		―			(12	)		―
Net income (loss) available to common stockholders		$	8,118		$	(5,965	)	$	12,967		$	(14,348	)
Income (Loss) Per Common Share:
Basic		$	0.04		$	(0.03	)	$	0.07		$	(0.07	)
Diluted		$	0.04		$	(0.03	)	$	0.06		$	(0.07	)
Weighted Average Common Shares Outstanding:
Basic			195,746,733			193,577,324			195,427,992			193,369,182
Diluted			201,340,622			193,577,324			200,564,039			193,369,182
Weighted average additional common shares outstanding
if preferred shares converted to common shares			147,812,786			147,812,786			147,812,786			147,812,786
Total weighted average diluted common shares outstanding
if preferred shares converted to common shares			349,153,408			341,390,110			348,376,825			341,181,968

The accompanying notes are an integral part of these condensed consolidated statements.

-2-

STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended June 30,							Six Months Ended June 30,
	2012			2011				2012			2011
	(Dollars in thousands)
	(Unaudited)
Net income (loss)		$	14,263		$	(10,519	)		$	22,786		$	(25,316	)
Other comprehensive income, net of tax:
Unrealized gain on interest rate swaps			1,596			1,596				3,192			3,175
Comprehensive income (loss)		$	15,859		$	(8,923	)		$	25,978		$	(22,141	)

The accompanying notes are an integral part of these condensed consolidated statements.

-3-

STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2012			December 31, 2011
	(Dollars in thousands)
	(Unaudited)
ASSETS
Homebuilding:
Cash and equivalents	$	292,107		$	406,785
Restricted cash		25,135			31,372
Trade and other receivables		18,987			11,525
Inventories:
Owned		1,605,138			1,477,239
Not owned		86,434			59,840
Investments in unconsolidated joint ventures		85,465			81,807
Deferred income taxes, net of valuation allowance of $499,701 and $510,621 at
June 30, 2012 and December 31, 2011, respectively		3,360			5,326
Other assets		34,825			35,693
Total Homebuilding Assets		2,151,451			2,109,587
Financial Services:
Cash and equivalents		6,775			3,737
Restricted cash		1,295			1,295
Mortgage loans held for sale, net		70,091			73,811
Mortgage loans held for investment, net		9,522			10,115
Other assets		3,187			1,838
Total Financial Services Assets		90,870			90,796
Total Assets	$	2,242,321		$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	16,376		$	17,829
Accrued liabilities		203,387			185,890
Secured project debt and other notes payable		4,934			3,531
Senior notes payable		1,276,258			1,275,093
Senior subordinated notes payable		38,490			46,324
Total Homebuilding Liabilities		1,539,445			1,528,667
Financial Services:
Accounts payable and other liabilities		1,825			1,154
Mortgage credit facilities		44,427			46,808
Total Financial Services Liabilities		46,252			47,962
Total Liabilities		1,585,697			1,576,629
Equity:
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 450,829 shares
issued and outstanding at June 30, 2012 and December 31, 2011		5			5
Common stock, $0.01 par value; 600,000,000 shares authorized; 199,933,447
and 198,563,273 shares issued and outstanding at June 30, 2012 and
December 31, 2011, respectively		1,999			1,985
Additional paid-in capital		1,246,058			1,239,180
Accumulated deficit		(585,983	)		(608,769	)
Accumulated other comprehensive loss, net of tax		(5,455	)		(8,647	)
Total Equity		656,624			623,754
Total Liabilities and Equity	$	2,242,321		$	2,200,383

The accompanying notes are an integral part of these condensed consolidated balance sheets.

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STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2012			2011
	(Dollars in thousands)
	(Unaudited)
Cash Flows From Operating Activities:
Net income (loss)	$	22,786		$	(25,316	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss from unconsolidated joint ventures		2,668			636
Cash distributions of income from unconsolidated joint ventures		160			20
Depreciation and amortization		1,209			1,902
Loss on disposal of property and equipment		3			―
Amortization of stock-based compensation		2,959			5,459
Inventory impairment charges and deposit write-offs		133			5,959
Changes in cash and equivalents due to:
Trade and other receivables		(7,462	)		(11,493	)
Mortgage loans held for sale		4,103			(4,770	)
Inventories - owned		(115,187	)		(194,058	)
Inventories - not owned		(3,499	)		(12,800	)
Other assets		(77	)		2,028
Accounts payable		(1,453	)		(138	)
Accrued liabilities		(5,061	)		458
Net cash provided by (used in) operating activities		(98,718	)		(232,113	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(8,281	)		(8,820	)
Distributions from unconsolidated homebuilding joint ventures		1,795			49
Other investing activities		(1,405	)		(753	)
Net cash provided by (used in) investing activities		(7,891	)		(9,524	)
Cash Flows From Financing Activities:
Change in restricted cash		6,237			(5,576	)
Principal payments on secured project debt and other notes payable		(644	)		(523	)
Principal payments on senior subordinated notes payable		(9,990	)		―
Payment of debt issuance costs		―			(4,575	)
Net proceeds from (payments on) mortgage credit facilities		(2,381	)		4,529
Payment of common stock issuance costs		―			(324	)
Proceeds from the exercise of stock options		1,747			410
Net cash provided by (used in) financing activities		(5,031	)		(6,059	)
Net increase (decrease) in cash and equivalents		(111,640	)		(247,696	)
Cash and equivalents at beginning of period		410,522			731,371
Cash and equivalents at end of period	$	298,882		$	483,675
Cash and equivalents at end of period	$	298,882		$	483,675
Homebuilding restricted cash at end of period		25,135			33,814
Financial services restricted cash at end of period		1,295			2,870
Cash and equivalents and restricted cash at end of period	$	325,312		$	520,359

The accompanying notes are an integral part of these condensed consolidated statements.

-5-

STANDARD PACIFIC CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2012

1.       Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Standard Pacific Corp., without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q.  Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been omitted pursuant to applicable rules and regulations.  In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2012 and the results of operations and cash flows for the periods presented.  Pursuant to ASC Topic 855, Subsequent Events, we have evaluated subsequent events through the date that the accompanying condensed consolidated financial statements were issued for the period ended June 30, 2012.

Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation.

The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011.  Unless the context otherwise requires, the terms “we,” “us,” “our” and “the Company” refer to Standard Pacific Corp. and its subsidiaries.  The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

2.       Recent Accounting Pronouncements

 In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”).  ASU 2011-04 amends ASC 820, Fair Value Measurements (“ASC 820”), providing a consistent definition and measurement of fair value, as well as similar disclosure requirements between U.S. GAAP and International Financial Reporting Standards.  ASU 2011-04 changes certain fair value measurement principles, clarifies the application of existing fair value measurement and expands the ASC 820 disclosure requirements, particularly for Level 3 fair value measurements.  Our adoption of these new provisions of ASU 2011-04 on January 1, 2012 did not have an impact on our consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”).  ASU 2011-05 requires the presentation of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements.  We adopted the provisions of ASU 2011-05 on January 1, 2012 and have elected to present two separate consecutive statements in our consolidated financial statements.

3.       Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations construct and sell single-family attached and detached homes.  In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting, our homebuilding operating segments have been grouped into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas.

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 Our mortgage financing operation provides mortgage financing to our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market.  Our title service operation provides title examinations for our homebuyers in Texas.  Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our consolidated financial statements under “Financial Services.”

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources.  Corporate also provides the necessary administrative functions to support us as a publicly traded company.  A substantial portion of the expenses incurred by Corporate are allocated to each of the homebuilding operating divisions based on their respective percentage of revenues.

Segment financial information relating to the Company’s homebuilding operations was as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Homebuilding revenues:
California	$	147,087		$	113,737		$	262,457		$	192,647
Southwest		64,115			47,153			120,234			82,932
Southeast		63,670			43,455			115,883			72,465
Total homebuilding revenues	$	274,872		$	204,345		$	498,574		$	348,044
Homebuilding pretax income (loss):
California	$	8,583		$	(413	)	$	16,715		$	(2,534	)
Southwest		1,947			(3,647	)		2,980			(7,534	)
Southeast		652			(2,385	)		(75	)		(6,104	)
Corporate		696			(4,046	)		(461	)		(7,673	)
Total homebuilding pretax income (loss)	$	11,878		$	(10,491	)	$	19,159		$	(23,845	)
Homebuilding income (loss) from unconsolidated joint ventures:
California	$	(1,099	)	$	(366	)	$	(2,592	)	$	(605	)
Southwest		(8	)		(8	)		(13	)		(16	)
Southeast		(39	)		(5	)		(63	)		(15	)
Total homebuilding income (loss) from unconsolidated joint ventures	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)
Inventory impairments:
California	$	―		$	3,837		$	―		$	3,837
Southwest		―			2,122			―			2,122
Southeast		―			―			―			―
Total inventory impairments	$	―		$	5,959		$	―		$	5,959
Restructuring charges:
California	$	―		$	―		$	―		$	424
Southwest		―			―			―			47
Southeast		―			―			―			―
Corporate		―			―			―			90
Total restructuring charges	$	―		$	―		$	―		$	561

-7-

 Segment financial information relating to the Company’s homebuilding assets and investments in unconsolidated joint ventures was as follows:

	June 30,		December 31,
	2012		2011
	(Dollars in thousands)
Homebuilding assets:
California	$	1,059,857	$	985,560
Southwest		378,258		355,060
Southeast		368,622		294,996
Corporate		344,714		473,971
Total homebuilding assets	$	2,151,451	$	2,109,587
Homebuilding investments in unconsolidated joint ventures:
California	$	81,128	$	76,999
Southwest		2,758		2,770
Southeast		1,579		2,038
Total homebuilding investments in unconsolidated joint ventures	$	85,465	$	81,807

4.       Earnings (Loss) Per Common Share

We compute earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings (loss) per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method.  The two-class method is an allocation of earnings (loss) between the holders of common stock and a company's participating security holders.  Under the two-class method, earnings (loss) for the reporting period are allocated between common shareholders and other security holders based on their respective participation rights in undistributed earnings.  Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method.

Basic earnings (loss) per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock outstanding.  Our Series B junior participating convertible preferred stock (“Series B Preferred Stock”), which is convertible into shares of our common stock at the holder’s option (subject to a limitation based upon voting interest), and our unvested restricted stock, are classified as participating securities in accordance with ASC 260.  Net income (loss) allocated to the holders of our Series B Preferred Stock and unvested restricted stock is calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis.

 For purposes of determining diluted earnings (loss) per common share, basic earnings (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options, stock appreciation rights, performance share awards and unvested restricted stock using the more dilutive of either the two-class method or the treasury stock method, and convertible debt using the if-converted method.  For the three and six months ended June 30, 2011, all dilutive securities were excluded from the calculation as they were anti-dilutive as a result of the net loss for these respective periods.  Shares outstanding under the share lending facility are not treated as outstanding for earnings per share purposes in accordance with ASC 260, because the share borrower must return to us all borrowed shares (or identical shares) on or about October 1, 2012, or earlier in certain circumstances.  The following table sets forth the components used in the computation of basic and diluted earnings (loss) per common share.

-8-

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands, except per share amounts)
Numerator:
Net income (loss)	$	14,263		$	(10,519	)	$	22,786		$	(25,316	)
Less: Net (income) loss allocated to preferred shareholder		(6,130	)		4,554			(9,807	)		10,968
Less: Net (income) loss allocated to unvested restricted stock		(15	)		―			(12	)		―
Net income (loss) available to common stockholders	$	8,118		$	(5,965	)	$	12,967		$	(14,348	)
Denominator:
Weighted average basic common shares outstanding		195,746,733			193,577,324			195,427,992			193,369,182
Stock options		5,593,889			―			5,136,047			―
Weighted average diluted common shares outstanding		201,340,622			193,577,324			200,564,039			193,369,182
Income (loss) per common share:
Basic	$	0.04		$	(0.03	)	$	0.07		$	(0.07	)
Diluted	$	0.04		$	(0.03	)	$	0.06		$	(0.07	)

As of June 30, 2012 and 2011, we had 450,829 shares of Series B Preferred Stock outstanding, which are convertible into 147.8 million shares of our common stock.  In accordance with ASC 260, assuming that all of the outstanding Series B Preferred Stock was converted to common stock, all net income (loss) would be allocated to common stock and unvested restricted stock in the computation of earnings (loss) per share.

5.       Stock-Based Compensation

We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation, which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period.  Stock-based compensation awards are valued at the fair value on the date of grant.

During the six months ended June 30, 2012, we issued 462,119 shares of common stock to our officers and key employees, 49,552 shares of common stock to our independent directors (excluding directors appointed by MP CA Homes LLC (“MatlinPatterson”) who did not receive any stock awards) and 7,610 shares to all employees in connection with a companywide stock grant.  Additionally, in connection with the Company’s 2012 incentive compensation program, on April 2, 2012 (“issuance date”) the Compensation Committee of our Board of Directors granted long-term equity awards to executive officers and certain key employees of the Company.  The grant consisted of the following awards:

•   Restricted Stock – 356,725 shares of restricted common stock vesting in three equal installments on each of the first three anniversaries of the issuance date;

•   Capped Stock Appreciation Rights (“SAR”) – 3,374,779 capped common stock appreciation rights with a grant price equal to the closing price of the Company’s common stock ($4.29) on the issuance date (the “grant price”), vesting in three equal installments on each of the first three anniversaries of the issuance date, and with the value per share of the award capped at the difference between twelve dollars ($12) and the grant price; and

•   Performance Share Awards – 405,012 target performance share awards with payouts at 1-4 times the target number of shares of common stock based on the Company’s actual earnings per share for the year ended December 31, 2014.

On April 2, 2012 the Compensation Committee of our Board of Directors also provided a one-time grant of 2,700,000 market based capped stock appreciation rights ("Market Based SAR") to 12 senior executives.  These market based grants have a five year term and vest in three equal tranches only if the Company’s common stock closing price reaches eight ($8), nine ($9) and ten ($10) dollars, respectively, for twenty consecutive trading days.  The value per share of the award is capped at the difference between twelve dollars ($12) and the grant price.

-9-

Total compensation expense recognized related to stock-based compensation was $1.9 million and $3.5 million for the three months ended June 30, 2012 and 2011, respectively.  For the six months ended June 30, 2012 and 2011, we recognized stock-based compensation expense of $3.0 million and $5.5 million, respectively.  As of June 30, 2012, total unrecognized stock-based compensation expense was $9.4 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 2.2 years.

6.       Restricted Cash

At June 30, 2012, restricted cash included $26.4 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued and a portion related to our financial services subsidiary mortgage credit facilities ($25.1 million of homebuilding restricted cash and $1.3 million of financial services restricted cash).

7.       Inventories

a. Inventories Owned

 Inventories owned consisted of the following at:

	June 30, 2012
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	583,684	$	255,519	$	248,006	$	1,087,209
Homes completed and under construction		247,259		67,510		88,131		402,900
Model homes		83,690		14,196		17,143		115,029
Total inventories owned	$	914,633	$	337,225	$	353,280	$	1,605,138
	December 31, 2011
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	614,668	$	221,481	$	200,680	$	1,036,829
Homes completed and under construction		205,515		67,200		67,134		339,849
Model homes		70,117		14,005		16,439		100,561
Total inventories owned	$	890,300	$	302,686	$	284,253	$	1,477,239

 In accordance with ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), we record impairment losses on inventories when events and circumstances indicate that they may be impaired, and the future undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts.  Inventories that are determined to be impaired are written down to their estimated fair value.  We calculate the fair value of a project under a land residual value analysis and in certain cases in conjunction with a discounted cash flow analysis.  During the six months ended June 30, 2012 and 2011, the total number of projects included in inventories-owned and reviewed for impairment were 264 and 251, respectively.  Based on the impairment review, we did not record any inventory impairments during the three and six months ended June 30, 2012, and recorded $6.0 million of inventory impairments during the three and six months ended June 30, 2011.

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 b. Inventories Not Owned

 Inventories not owned consisted of the following at:

	June 30,		December 31,
	2012		2011
		(Dollars in thousands)
Land purchase and lot option deposits	$	25,559	$	24,379
Other lot option contracts, net of deposits		60,875		35,461
Total inventories not owned	$	86,434	$	59,840

 Under ASC Topic 810, Consolidation (“ASC 810”), a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur.  Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property.  In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown.  Such costs are classified as inventories owned, which we would have to write off should we not exercise the option.  Therefore, whenever we enter into a land option or purchase contract with an entity and make a non-refundable deposit, a variable interest entity (“VIE”) may have been created.  As of June 30, 2012, we were not required to consolidate any VIEs.  In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE.  Other lot option contracts noted in the table above represent specific performance obligations where the land option contract contains a binding obligation requiring us to complete the lot purchases.

 We incurred pretax charges of $0.1 million related to deposit write-offs for the six months ended June 30, 2012.  These charges related to our Southeast reportable segment and were included in other income (expense) in the accompanying condensed consolidated statements of operations.  We did not record any deposit write-offs during the six months ended June 30, 2011.We continue to evaluate the terms of open land option and purchase contracts and may write-off option deposits in the future, particularly in those instances where land sellers are unwilling to renegotiate significant contract terms.  

8.       Capitalization of Interest

We follow the practice of capitalizing interest to inventories owned during the period of development and to investments in unconsolidated homebuilding and land development joint ventures in accordance with ASC Topic 835, Interest (“ASC 835”).  Homebuilding interest capitalized as a cost of inventories owned is included in cost of sales as related units or lots are sold.  Interest capitalized to investments in unconsolidated homebuilding and land development joint ventures is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. Interest capitalized to investments in unconsolidated land development joint ventures is transferred to inventories owned if the underlying lots are purchased by us.  To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us.  Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures accounted for under the equity method.  For the three months ended June 30, 2012 and 2011, we expensed $1.6 million and $7.4 million, respectively, of interest costs related to the portion of our debt in excess of our qualified assets in accordance with ASC 835.   For the six months ended June 30, 2012 and 2011, we expensed $4.1 million and $18.0 million, respectively, of interest costs in accordance with ASC 835.

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The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and loss from unconsolidated joint ventures and expensed as interest expense, for the three and six months ended June 30, 2012 and 2011:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Total interest incurred (1)	$	35,305		$	35,353		$	70,620		$	70,207
Less: Interest capitalized to inventories owned		(31,876	)		(26,186	)		(62,868	)		(48,896	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(1,812	)		(1,723	)		(3,605	)		(3,352	)
Interest expense	$	1,617		$	7,444		$	4,147		$	17,959
Interest previously capitalized to inventories owned, included in cost of home sales	$	24,465		$	16,108		$	43,021		$	27,088
Interest previously capitalized to inventories owned, included in cost of land sales	$	―		$	38		$	19		$	38
Interest previously capitalized to investments in unconsolidated joint ventures,
included in loss from unconsolidated joint ventures	$	231		$	121		$	435		$	258
Interest capitalized in ending inventories owned	$	208,354		$	169,705		$	208,354		$	169,705
Interest capitalized as a percentage of inventories owned		13.0	%		12.3	%		13.0	%		12.3	%
Interest capitalized in ending investments in unconsolidated joint ventures	$	12,281		$	7,571		$	12,281		$	7,571
Interest capitalized as a percentage of investments in unconsolidated joint ventures		14.4	%		9.2	%		14.4	%		9.2	%

____________________

(1)   For the three and six months ended June 30, 2012, interest incurred included the noncash amortization of $2.6 million and $5.2 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 15 “Derivative Instruments and Hedging Activities”).  For the three and six months ended June 30, 2011, interest incurred included the noncash amortization of $2.6 million and $5.1 million, respectively, of interest related to the Term Loan B swap.

9.       Investments in Unconsolidated Land Development and Homebuilding Joint Ventures

 The table set forth below summarizes the combined statements of operations for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Revenues	$	4,705		$	5,963		$	7,304		$	18,373
Cost of sales and expenses		(4,882	)		(5,302	)		(7,581	)		(15,766	)
Income (loss) of unconsolidated joint ventures	$	(177	)	$	661		$	(277	)	$	2,607
Loss from unconsolidated joint ventures reflected in the
accompanying condensed consolidated statements of operations	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)

Loss from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of these unconsolidated land development and homebuilding joint ventures.  For the three and six months ended June 30, 2012 and 2011, loss from unconsolidated joint ventures was primarily attributable to our share of losses related to one Southern California land development joint venture, which were allocated based on the provisions of the underlying joint venture operating agreement.

During each of the six months ended June 30, 2012 and 2011, a total of six unconsolidated joint venture projects were reviewed for impairment, with certain joint ventures having multiple real estate projects.  Based on the impairment review, no joint venture projects were determined to be impaired for the six months ended June 30, 2012 and 2011.

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 The table set forth below summarizes the combined balance sheets for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method:

	June 30,		December 31,
	2012		2011
	(Dollars in thousands)
Assets:
Cash	$	15,988	$	24,155
Inventories		247,162		230,571
Other assets		9,676		11,190
Total assets	$	272,826	$	265,916
Liabilities and Equity:
Accounts payable and accrued liabilities	$	19,608	$	21,190
Standard Pacific equity		77,670		77,259
Other members' equity		175,548		167,467
Total liabilities and equity	$	272,826	$	265,916
Investments in unconsolidated joint ventures reflected in
the accompanying condensed consolidated balance sheets	$	85,465	$	81,807

 In some cases our net investment in these unconsolidated joint ventures is not equal to our proportionate share of equity reflected in the table above primarily because of differences between asset impairments that we recorded against our joint venture investments and the impairments recorded by the applicable joint venture.  Our investments in unconsolidated joint ventures also included approximately $12.3 million and $9.1 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of June 30, 2012 and December 31, 2011, respectively, which capitalized interest is not included in the combined balance sheets above.

Our investments in these unconsolidated joint ventures may represent a variable interest in a VIE depending on, among other things, the economic interests of the members of the entity and the contractual terms of the arrangement.  We analyze all of our unconsolidated joint ventures under the provisions of ASC 810 to determine whether these entities are deemed to be VIEs, and if so, whether we are the primary beneficiary.  As of June 30, 2012, with the exception of one homebuilding joint venture, all of our homebuilding and land development joint ventures with unrelated parties were determined under the provisions of ASC 810 to be unconsolidated joint ventures because they were not deemed to be VIEs.  As of June 30, 2012, we held an interest in one homebuilding joint venture in Northern California that was deemed to be a VIE.  Our investment in this joint venture was approximately $5.8 million, which represents our maximum exposure to loss if we elect to forfeit our membership interest in this entity.  As of June 30, 2012, this joint venture owns approximately $8.4 million of assets, primarily representing real estate inventories, and has no debt outstanding.  We have determined that based on the voting rights with respect to major decisions, as defined in the underlying joint venture operating agreement, both members of this joint venture share equally in the power to direct the activities that most significantly impact the entity’s economic performance.  As a result, we are not required to consolidate this joint venture as neither member is deemed to be the primary beneficiary.

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10.     Warranty Costs

Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized.  Amounts accrued are based upon historical experience rates.  Indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred.  We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary.  Our warranty accrual is included in accrued liabilities in the accompanying condensed consolidated balance sheets.  Changes in our warranty accrual are detailed in the table set forth below:

	Six Months Ended June 30,
	2012				2011
	(Dollars in thousands)
Warranty accrual, beginning of the period		$	17,572			$	20,866
Warranty costs accrued during the period			656				1,432
Warranty costs paid during the period			(1,635	)			(1,660	)
Warranty accrual, end of the period		$	16,593			$	20,638

11.     Revolving Credit Facility and Letter of Credit Facilities

As of June 30, 2012, we were party to a $210 million unsecured revolving credit facility with a bank group (the “Revolving Facility”).  The Revolving Facility matures in February 2014 and has an accordion feature under which the aggregate commitment may be increased up to $400 million, subject to the availability of additional bank commitments and certain other conditions.  The Revolving Facility contains financial covenants, including, but not limited to, (i) a minimum consolidated tangible net worth covenant; (ii) a covenant to maintain either (a) a minimum liquidity level or (b) a minimum interest coverage ratio; (iii) a maximum net homebuilding leverage ratio and (iv) a maximum land not under development to tangible net worth ratio.  This facility also contains a borrowing base provision, which limits the amount we may borrow or keep outstanding under the facility, and also contains a limitation on our investments in joint ventures.  Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options.  As of the date hereof, we satisfied the conditions that would allow us to borrow up to $203.5 million under the facility and had no amounts outstanding.

As of June 30, 2012, we were party to two committed letter of credit facilities totaling $11 million, of which $7.2 million was outstanding.  In addition, as of such date, we also had a $30 million uncommitted letter of credit facility, of which $17.4 million was outstanding.  These facilities require cash collateralization and have maturity dates ranging from October 2012 to November 2013.  As of June 30, 2012 these facilities were secured by cash collateral deposits of $25.0 million.  Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.

12.     Secured Project Debt and Other Notes Payable

Our secured project debt and other notes payable consist of community development district and similar assessment district bond financings used to finance land development and infrastructure costs for which we are responsible.  At June 30, 2012, we had approximately $4.9 million outstanding in secured project debt and other notes payable.   

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13.     Senior and Senior Subordinated Notes Payable

Senior notes payable consisted of the following at:

	June 30,		December 31,
	2012		2011
	(Dollars in thousands)
6¼% Senior Notes due April 2014	$	4,971	$	4,971
7% Senior Notes due August 2015		29,789		29,789
10¾% Senior Notes due September 2016, net of discount		264,352		262,968
8⅜% Senior Notes due May 2018, net of premium		580,184		580,523
8⅜% Senior Notes due January 2021, net of discount		396,962		396,842
	$	1,276,258	$	1,275,093

Senior subordinated notes payable consisted of the following at:

	June 30,		December 31,
	2012		2011
	(Dollars in thousands)
6% Convertible Senior Subordinated Notes due October 2012, net of discount	$	38,490	$	36,339
9¼% Senior Subordinated Notes due April 2012, net of discount		―		9,985
	$	38,490	$	46,324

 The senior notes payable described above are all senior obligations and rank equally with our other existing senior indebtedness and are redeemable at our option, in whole or in part, pursuant to a “make whole” formula. These senior notes contain various restrictive covenants, including, with respect to the 10¾% Senior Notes due 2016, a limitation on additional indebtedness and a limitation on restricted payments.  Under the limitation on additional indebtedness, we are permitted to incur specified categories of indebtedness but are prohibited, aside from those exceptions, from incurring further indebtedness if we do not satisfy either a maximum leverage condition or a minimum interest coverage condition.  Under the limitation on restricted payments, we are also prohibited from making restricted payments (which include dividends, and investments in and advances to our joint ventures and other unrestricted subsidiaries), if we do not satisfy either condition.  Our ability to make restricted payments is also subject to a basket limitation.  As of June 30, 2012, we were able to satisfy the conditions necessary to incur additional indebtedness and to make restricted payments.  In addition, if we were unable to satisfy either the leverage condition or interest coverage condition, restricted payments could be made from our unrestricted subsidiaries.  As of June 30, 2012, we had approximately $274.5 million of cash available in our unrestricted subsidiaries.  Many of our wholly owned direct and indirect subsidiaries (collectively, the “Guarantor Subsidiaries”) guaranty our outstanding senior notes and our senior subordinated notes. The guarantees are full and unconditional, and joint and several.  Please see Note 21 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

Certain provisions of ASC Topic 470, Debt, require bifurcation of a component of convertible debt instruments, classification of that component in stockholders’ equity, and then accretion of the resulting discount on the debt to result in interest expense equal to the issuer’s nonconvertible debt borrowing rate.  Our Convertible Senior Subordinated Notes due 2012 (the “Convertible Notes”) are being accreted to their redemption value, approximately $39.6 million, over the remaining term of these notes.  The unamortized discount of the Convertible Notes, which was included in additional paid-in capital, was $1.1 million and $3.3 million at June 30, 2012 and December 31, 2011, respectively.  Interest capitalized to inventories owned is included in cost of sales as related homebuilding revenues are recognized (please see Note 8 “Capitalization of Interest”).

We repaid the remaining $10.0 million principal balance of our 9¼% Senior Subordinated Notes upon maturity in April 2012.

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14.     Preferred Stock

At June 30, 2012, we had 450,829 shares of Series B junior participating convertible preferred stock (“Series B Preferred Stock”) outstanding, which are convertible into 147.8 million shares of our common stock. The number of shares of common stock into which our Series B Preferred Stock is convertible is determined by dividing $1,000 by the applicable conversion price ($3.05, subject to customary anti-dilution adjustments) plus cash in lieu of fractional shares. The Series B Preferred Stock will be convertible at the holder’s option into shares of our common stock provided that no holder, with its affiliates, may beneficially own total voting power of our voting stock in excess of 49%.  The Series B Preferred Stock also mandatorily converts into our common stock upon its sale, transfer or other disposition by MatlinPatterson or its affiliates to an unaffiliated third party. The Series B Preferred Stock votes together with our common stock on all matters upon which holders of our common stock are entitled to vote. Each share of Series B Preferred Stock is entitled to such number of votes as the number of shares of our common stock into which such share of Series B Preferred Stock is convertible, provided that the aggregate votes attributable to such shares with respect to any holder of Series B Preferred Stock (including its affiliates), taking into consideration any other voting securities of the Company held by such stockholder, cannot exceed more than 49% of the total voting power of the voting stock of the Company. Shares of Series B Preferred Stock are entitled to receive only those dividends declared and paid on the common stock.  As of June 30, 2012, the outstanding shares of common stock (89.4 million shares) and Series B Preferred Stock owned by MatlinPatterson represented approximately 68% of the total number of shares of our common stock outstanding on an if-converted basis.

15.     Derivative Instruments and Hedging Activities

We account for derivatives and certain hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”).  ASC 815 establishes the accounting and reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded as either assets or liabilities in the consolidated balance sheets and to measure these instruments at fair market value. Gains and losses resulting from changes in the fair market value of derivatives are recognized in the consolidated statement of operations or recorded in accumulated other comprehensive income (loss), net of tax, and recognized in the consolidated statement of operations when the hedged item affects earnings, depending on the purpose of the derivative and whether the derivative qualifies for hedge accounting treatment.

Our policy is to designate at a derivative’s inception the specific assets, liabilities or future commitments being hedged and monitor the derivative to determine if the derivative remains an effective hedge. The effectiveness of a derivative as a hedge is based on a high correlation between changes in the derivative’s value and changes in the value of the underlying hedged item.  We recognize gains or losses for amounts received or paid when the underlying transaction settles.  We do not enter into or hold derivatives for trading or speculative purposes.

 In May 2006, we entered into two interest rate swap agreements related to our Term Loan B with an aggregate notional amount of $250 million that effectively fixed our 3-month LIBOR rates for our then outstanding term loan through its maturity date of May 2013.  The swap agreements were designated as cash flow hedges and, accordingly, were reflected at their fair market value in accrued liabilities in our consolidated balance sheets.  To the extent the swaps were deemed effective and qualified for hedge accounting treatment, the related gain or loss was deferred, net of tax, in stockholders’ equity as accumulated other comprehensive income (loss).

In December 2010, we repaid in full the remaining $225 million balance of our Term Loan B and made a $24.5 million payment to terminate the related interest rate swap agreements.  As a result, we have no payment obligation remaining related to interest rate swap agreements.  The $24.5 million cost associated with the early unwind of the interest rate swap agreements is being amortized over a period of approximately 2.3 years (or May 2013), the original maturity date of the terminated instruments.  As of June 30, 2012, the remaining unamortized balance of $5.5 million is included in accumulated other

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comprehensive loss, net of tax, and $3.4 million is included in deferred income taxes in the accompanying condensed consolidated balance sheets.  For each of the three months ended June 30, 2012 and 2011, we recorded after-tax other comprehensive income of $1.6 million related to the swap agreements.

16.     Mortgage Credit Facility

At June 30, 2012, we had $44.4 million outstanding under our mortgage financing subsidiary’s mortgage credit facility, a $50 million repurchase facility.  This facility requires Standard Pacific Mortgage to maintain a cash collateral account, which totaled $1.3 million as of June 30, 2012, and also contains financial covenants which require Standard Pacific Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of June 30, 2012, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in this facility.

In July 2012, Standard Pacific Mortgage renewed the $50 million repurchase facility, increasing the overall facility commitment amount to $75 million, and extended its maturity date to July 3, 2013.

17.     Disclosures about Fair Value

ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a framework for measuring fair value, expands disclosures regarding fair value measurements and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  Further, ASC 820 requires us to maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The three levels of the hierarchy are as follows:

•      Level 1 – quoted prices for identical assets or liabilities in active markets;

•      Level 2 – quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•      Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 Mortgage loans held for sale have been measured at fair value in accordance with ASC 820 for the three months ended June 30, 2012:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
	As of		Identical Assets		Inputs		Inputs
Description	June 30, 2012		(Level 1)		(Level 2)		(Level 3)
		(Dollars in thousands)
Mortgage loans held for sale	$	73,011	$	―	$	73,011	$	―

 Mortgage loans held for saleconsist of FHA, VA, USDA and agency first mortgages on single-family residences which are eligible for sale to FNMA/FHLMC, GNMA or other investors, as applicable.  Fair values of these loans are based on quoted prices from third party investors when preselling loans.

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 The following table presents the carrying values and estimated fair values of our other financial instruments for which we have not elected the fair value option in accordance with ASC Topic 825, Financial Instruments:

		June 30, 2012				December 31, 2011
Description	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(Dollars in thousands)
Financial services assets:
Mortgage loans held for investment, net	Level 2	$	9,522	$	9,522	$	10,115	$	10,115
Homebuilding liabilities:
Senior notes payable, net	Level 2	$	1,276,258	$	1,417,426	$	1,275,093	$	1,243,209
Senior subordinated notes payable, net	Level 2	$	38,490	$	41,926	$	46,324	$	50,793

Mortgage Loans Held for Investment – Fair value of these loans is based on the estimated market value of the underlying collateral based on market data and other factors for similar type properties as further adjusted to reflect their estimated net realizable value of carrying the loans through disposition.

Senior and Senior Subordinated Notes Payable – The senior and senior subordinated notes are traded over the counter and their fair values were estimated based upon the values of their last trade at the end of the period.

The fair value of our cash and equivalents, restricted cash, accounts receivable, trade accounts payable, secured project debt and other notes payable, mortgage credit facilities and other liabilities approximate their carrying amounts due to the short-term nature of these assets and liabilities.

18.     Commitments and Contingencies

a. Land Purchase and Option Agreements

We are subject to obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require a cash deposit or delivery of a letter of credit, and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements.  We also utilize option contracts with land sellers and third-party financial entities as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources.  Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices.  We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices.  Also, in a few instances where we have entered into option contracts with third party financial entities, we have generally entered into construction agreements that do not terminate if we elect not to exercise our option.  In these instances, we are generally obligated to complete land development improvements on the optioned property at a predetermined cost (paid by the option provider) and are responsible for all cost overruns.  At June 30, 2012, we had no option contracts outstanding with third party financial entities.  In some instances, we may also expend funds for due diligence, development and construction activities with respect to our land purchase and option contracts prior to purchase, which we would have to write off should we not purchase the land.  At June 30, 2012, we had non-refundable cash deposits outstanding of approximately $23.1 million and capitalized preacquisition and other development and construction costs of approximately $11.0 million relating to land purchase and option contracts having a total remaining purchase price of approximately $218.2 million.  Approximately $60.9 million of the remaining purchase price is included in inventories not owned in the accompanying condensed consolidated balance sheets.

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Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences.  Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.

b. Land Development and Homebuilding Joint Ventures

Our joint ventures have historically obtained secured acquisition, development and construction financing designed to reduce the use of funds from corporate financing sources.  As of June 30, 2012, we held membership interests in 19 homebuilding and land development joint ventures, of which eight were active and 11 were inactive or winding down.  As of such date, our joint ventures had no project specific financing outstanding.  In addition, as of June 30, 2012, our joint ventures had $3.4 million of surety bonds outstanding subject to indemnity arrangements by us and had an estimated $0.8 million remaining in cost to complete.

c. Surey Bonds

We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects.  At June 30, 2012, we had approximately $192.0 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $84.2 million remaining in cost to complete.

d. Mortgage Loans and Commitments

We commit to making mortgage loans to our homebuyers through our mortgage financing subsidiary, Standard Pacific Mortgage.  Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market and finances these loans under its mortgage credit facility for a short period of time (typically for 30 to 45 days), as investors complete their administrative review of applicable loan documents.  Mortgage loans in process for which interest rates were committed to borrowers totaled approximately $53.9 million at June 30, 2012 and carried a weighted average interest rate of approximately 3.7%.  Interest rate risks related to these obligations are mitigated through the preselling of loans to investors.  As of June 30, 2012, Standard Pacific Mortgage had approximately $70.6 million in closed mortgage loans held for sale and $55.7 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and completion of the investors’ administrative review of the applicable loan documents.

Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market, with servicing rights released on a non-recourse basis.  This sale is subject to Standard Pacific Mortgage’s obligation to repay its gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase the loan if, among other things, the purchaser’s underwriting guidelines are not met, or there is fraud in connection with the loan.  As of June 30, 2012, we had incurred an aggregate of $9.1 million in losses related to loan repurchases and make-whole payments we had been required to make on the $6.8 billion total dollar value of the loans we originated from the beginning of 2004 through the second quarter of 2012.  During the three months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans sold of $0.3 million and $1.4 million, respectively, and during the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans sold of $0.6 million and $2.6 million, respectively.  As of June 30, 2012, Standard Pacific Mortgage had repurchase reserves related to loans sold of approximately $3.0 million.  In addition, during the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage made make-whole payments totaling approximately $0.6 million related to four loans and $1.0 million related to seven loans, respectively.

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Mortgage loans held for investment are continually evaluated for collectability and, if appropriate, specific reserves are established based on estimates of collateral value.  As of June 30, 2012, Standard Pacific Mortgage had $13.8 million of loans held for investment that had a loan loss reserve of approximately $4.3 million.  During the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans held for investment of $0.4 million and $0.1 million, respectively.

e. Insurance and Litigation Accruals

Insurance and litigation accruals are established with respect to estimated future claims cost.  We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related claims.  We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations.  However, such indemnity is significantly limited with respect to subcontractors added to our general liability insurance policy.  We record reserves to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities.  Our total insurance and litigation accruals as of June 30, 2012 and December 31, 2011 were $53.6 million and $55.8 million, respectively, which are included in accrued liabilities in the accompanying condensed consolidated balance sheets.  Estimation of these accruals include consideration of our claims history, including current claims, estimates of claims incurred but not yet reported, and potential for recovery of costs from insurance and other sources.  We utilize the services of an independent third party actuary to assist us with evaluating the level of our insurance and litigation accruals.  Because of the high degree of judgment required in determining these estimated accrual amounts, actual future claim costs could differ from our currently estimated amounts.

 f.     Restructuring Costs

During 2008 we initiated a restructuring plan designed to reduce ongoing overhead costs and improve operating efficiencies through the consolidation of selected divisional offices, the disposal of related property and equipment, and a reduction in our workforce as a result of our operations having been impacted by weak housing demand in substantially all of our markets.  During the six months ended June 30, 2011, we recorded $0.6 million of homebuilding restructuring charges, which are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations, related to employee severance costs incurred in connection with further adjusting our workforce to align with lower sales volume. We did not incur any restructuring charges in the six months ended June 30, 2012.  The total amount of restructuring charges incurred from January 1, 2008 through June 30, 2012 was $48.7 million, of which $30.7 million related to employee severance costs, $13.7 million related to lease termination and other exit costs and $4.3 million related to property and equipment disposals.  We believe that our restructuring activities are substantially complete as of June 30, 2012.

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19.     Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”).  ASC 740 requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.

 The components of our net deferred income tax asset are as follows:

	June 30,			December 31,
	2012			2011
	(Dollars in thousands)
Inventory	$	167,348		$	184,393
Financial accruals		51,471			52,493
Federal net operating loss carryforwards		216,612			210,013
State net operating loss carryforwards		51,572			51,003
Goodwill impairment charges		16,314			17,482
Other, net		(256	)		563
Total deferred tax asset		503,061			515,947
Less: Valuation allowance		(499,701	)		(510,621	)
Net deferred tax asset	$	3,360		$	5,326

 Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740.  We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards, and tax planning alternatives.

As of June 30, 2012, we had a deferred tax asset of $499.7 million (excluding the $3.4 million deferred tax asset related to our terminated interest rate swap).  During the three and six months ended June 30, 2012, we utilized $5.7 million and $9.2 million, respectively, of our deferred tax asset valuation allowance to fully offset the income tax provision related to our pretax income for the periods.  As of June 30, 2012, due primarily to our current and cumulative losses, the uncertainty as to the strength of the housing market's recent improvement and its impact on our ability to predict future taxable income, we have determined that an aggregate valuation allowance of $499.7 million against our deferred tax asset is required.  If we generate taxable income in the future, subject to the potential limitations discussed below, we expect to be able to reduce our effective tax rate through a reduction in this valuation allowance.

We underwent a change in ownership for purposes of Internal Revenue Code Section 382 (“Section 382”) on June 27, 2008. As a result, a portion of our deferred tax asset became subject to the various limitations on its use that are imposed by Section 382.  At June 30, 2012, $254 million of this asset was subject to limitations, of which $107 million was subject to the unrealized built-in loss limitations and $147 million was subject to federal and state net operating loss carryforward limitations.

The limitations ultimately placed on the $107 million subject to the unrealized built-in loss limitations depends on, among other things, when, and at what price, we dispose of assets with built-in losses.  Assets with built-in losses sold prior to June 27, 2013, are subject to a $15.6 million gross annual deduction limitation for federal and state purposes.  Assets with built-in losses sold after June 27, 2013 are not subject to these limitations.  In general, to the extent that realized tax losses from these built-in loss assets exceed $15.6 million in any tax year prior to June 27, 2013, the built-in losses in excess of this amount will be permanently lost, such permanent loss reflected by identical reductions of our deferred tax asset and deferred tax asset valuation allowance for the tax effected amount of the difference.  During the six months ended June 30, 2012 and 2011, we recorded such reductions in the amounts of $1.8 million and $2.9 million, respectively, reflecting permanent losses of our deferred tax asset in such periods related to built-in losses realized during these periods that were in excess of the Section 382 annual limitation.

-21-

As of June 30, 2012, $147 million (or approximately $359 million and $373 million, respectively, of federal and state net operating loss carryforwards on a gross basis) of our deferred tax asset related to net operating loss carryforwards is subject to the $15.6 million gross annual deduction limitation for both federal and state purposes.  The remaining $121 million (or approximately $264 million and $459 million, respectively, of federal and state net operating loss carryforwards on a gross basis) is not currently limited by Section 382.

As of June 30, 2012, our liability for gross unrecognized tax benefits was $13.5 million, all of which, if recognized, would reduce our effective tax rate.  There were no significant changes in the accrued liability related to uncertain tax positions during the three months ended June 30, 2012, nor do we anticipate significant changes during the next 12-month period.  As of June 30, 2012, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2007 through 2011.

20.     Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows

 The following are supplemental disclosures to the condensed consolidated statements of cash flows:

	Six Months Ended June 30,
	2012		2011
	(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	59,666	$	42,328
Income taxes	$	175	$	31

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21.     Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior and senior subordinated notes payable.  The guarantees are full and unconditional and joint and several.  Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)		―			(218,586	)
Gross margin		24,871			27,856			3,559			―			56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)		―			(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)		―			(1,146	)
Equity income (loss) of subsidiaries		2,867			―			―			(2,867	)		―
Interest expense		4,383			(4,343	)		(1,657	)		―			(1,617	)
Other income (expense)		(205	)		251			261			―			307
Homebuilding pretax income (loss)		12,495			3,140			(890	)		(2,867	)		11,878
Financial Services:
Financial services pretax income (loss)		(84	)		84			2,574			―			2,574
Income (loss) before income taxes		12,411			3,224			1,684			(2,867	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)		―			(189	)
Net income (loss)	$	14,263		$	1,999		$	868		$	(2,867	)	$	14,263

	Three Months Ended June 30, 2011
	Standard Pacific Corp.				Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
		(Dollars in thousands)
Homebuilding:
Revenues		$	82,010		$	110,863		$	11,472		$	―	$	204,345
Cost of sales			(66,305	)		(93,676	)		(9,566	)		―		(169,547	)
Gross margin			15,705			17,187			1,906			―		34,798
Selling, general and administrative expenses			(20,145	)		(17,309	)		(989	)		―		(38,443	)
Income (loss) from unconsolidated joint ventures			92			(10	)		(461	)		―		(379	)
Equity income (loss) of subsidiaries			(3,296	)		―			―			3,296		―
Interest expense			(1,779	)		(5,151	)		(514	)		―		(7,444	)
Other income (expense)			477			52			448			―		977
Homebuilding pretax income (loss)			(8,946	)		(5,231	)		390			3,296		(10,491	)
Financial Services:
Financial services pretax income (loss)			(41	)		41			147			―		147
Income (loss) before income taxes			(8,987	)		(5,190	)		537			3,296		(10,344	)
(Provision) benefit for income taxes			(1,532	)		1,230			127			―		(175	)
Net income (loss)		$	(10,519	)	$	(3,960	)	$	664		$	3,296	$	(10,519	)

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21.     Supplemental Guarantor Information

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)		―			(397,547	)
Gross margin		41,171			52,442			7,414			―			101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)		―			(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)		―			(2,668	)
Equity income (loss) of subsidiaries		4,785			―			―			(4,785	)		―
Interest expense		7,739			(8,584	)		(3,302	)		―			(4,147	)
Other income (expense)		3,808			300			483			―			4,591
Homebuilding pretax income (loss)		20,178			5,517			(1,751	)		(4,785	)		19,159
Financial Services:
Financial services pretax income (loss)		(147	)		147			4,003			―			4,003
Income (loss) before income taxes		20,031			5,664			2,252			(4,785	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)		―			(376	)
Net income (loss)	$	22,786		$	3,682		$	1,103		$	(4,785	)	$	22,786

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	144,700		$	185,895		$	17,449		$	―	$	348,044
Cost of sales		(113,408	)		(156,780	)		(13,671	)		―		(283,859	)
Gross margin		31,292			29,115			3,778			―		64,185
Selling, general and administrative expenses		(37,755	)		(31,339	)		(1,610	)		―		(70,704	)
Income (loss) from unconsolidated joint ventures		70			(36	)		(670	)		―		(636	)
Equity income (loss) of subsidiaries		(8,282	)		―			―			8,282		―
Interest expense		(6,907	)		(10,032	)		(1,020	)		―		(17,959	)
Other income (expense)		394			22			853			―		1,269
Homebuilding pretax income (loss)		(21,188	)		(12,270	)		1,331			8,282		(23,845	)
Financial Services:
Financial services pretax income (loss)		(56	)		56			(1,196	)		―		(1,196	)
Income (loss) before income taxes		(21,244	)		(12,214	)		135			8,282		(25,041	)
(Provision) benefit for income taxes		(4,072	)		3,252			545			―		(275	)
Net income (loss)	$	(25,316	)	$	(8,962	)	$	680		$	8,282	$	(25,316	)

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21.     Supplemental Guarantor Information

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	17,371	$	213	$	274,523	$	―		$	292,107
Restricted cash		―		―		25,135		―			25,135
Trade and other receivables		571,475		5,226		24,366		(582,080	)		18,987
Inventories:
Owned		693,965		665,486		245,687		―			1,605,138
Not owned		44,489		39,717		2,228		―			86,434
Investments in unconsolidated joint ventures		23,475		2,326		59,664		―			85,465
Investments in subsidiaries		698,281		―		―		(698,281	)		―
Deferred income taxes, net		3,212		―		―		148			3,360
Other assets		31,065		3,130		630		―			34,825
Total Homebuilding Assets		2,083,333		716,098		632,233		(1,280,213	)		2,151,451
Financial Services:
Cash and equivalents		―		―		6,775		―			6,775
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		70,091		―			70,091
Mortgage loans held for investment, net		―		―		9,522		―			9,522
Other assets		―		―		6,329		(3,142	)		3,187
Total Financial Services Assets		―		―		94,012		(3,142	)		90,870
Total Assets	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5,674	$	8,650	$	2,052	$	―		$	16,376
Accrued liabilities		106,287		433,219		226,525		(562,644	)		203,387
Secured project debt and other notes payable		―		―		4,934		―			4,934
Senior notes payable		1,276,258		―		―		―			1,276,258
Senior subordinated notes payable		38,490		―		―		―			38,490
Total Homebuilding Liabilities		1,426,709		441,869		233,511		(562,644	)		1,539,445
Financial Services:
Accounts payable and other liabilities		―		―		8,255		(6,430	)		1,825
Mortgage credit facilities		―		―		60,427		(16,000	)		44,427
Total Financial Services Liabilities		―		―		68,682		(22,430	)		46,252
Total Liabilities		1,426,709		441,869		302,193		(585,074	)		1,585,697
Equity:
Total Stockholders' Equity		656,624		274,229		424,052		(698,281	)		656,624
Total Liabilities and Equity	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321

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21.     Supplemental Guarantor Information

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2011
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	66,757	$	176	$	339,852	$	―		$	406,785
Restricted cash		―		―		31,372		―			31,372
Trade and other receivables		485,835		5,435		23,898		(503,643	)		11,525
Inventories:
Owned		647,577		623,945		205,717		―			1,477,239
Not owned		6,123		51,684		2,033		―			59,840
Investments in unconsolidated joint ventures		24,082		2,340		55,385		―			81,807
Investments in subsidiaries		766,496		―		―		(766,496	)		―
Deferred income taxes, net		5,178		―		―		148			5,326
Other assets		32,496		2,965		232		―			35,693
Total Homebuilding Assets		2,034,544		686,545		658,489		(1,269,991	)		2,109,587
Financial Services:
Cash and equivalents		―		―		3,737		―			3,737
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		73,811		―			73,811
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,901		(3,063	)		1,838
Total Financial Services Assets		―		―		93,859		(3,063	)		90,796
Total Assets	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	6,911	$	9,887	$	1,031	$	―		$	17,829
Accrued liabilities		82,462		406,111		181,082		(483,765	)		185,890
Secured project debt and other notes payable		―		―		3,531		―			3,531
Senior notes payable		1,275,093		―		―		―			1,275,093
Senior subordinated notes payable		46,324		―		―		―			46,324
Total Homebuilding Liabilities		1,410,790		415,998		185,644		(483,765	)		1,528,667
Financial Services:
Accounts payable and other liabilities		―		―		5,947		(4,793	)		1,154
Mortgage credit facilities		―		―		64,808		(18,000	)		46,808
Total Financial Services Liabilities		―		―		70,755		(22,793	)		47,962
Total Liabilities		1,410,790		415,998		256,399		(506,558	)		1,576,629
Equity:
Total Stockholders' Equity		623,754		270,547		495,949		(766,496	)		623,754
Total Liabilities and Equity	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383

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21.     Supplemental Guarantor Information

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(112,860	)	$	405		$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)		(6,459	)		―		(8,281	)
Distributions from unconsolidated homebuilding joint ventures		1,206			―			589			―		1,795
Other investing activities		(772	)		(263	)		(370	)		―		(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)		(6,240	)		―		(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			6,237			―		6,237
Principal payments on secured project debt and other notes payable		―			―			(644	)		―		(644	)
Principal payments on senior subordinated notes payable		(9,990	)		―			―			―		(9,990	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(2,381	)		―		(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000			―			(73,000	)		―		―
Proceeds from the exercise of stock options		1,747			―			―			―		1,747
Net cash provided by (used in) financing activities		64,757			―			(69,788	)		―		(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37			(62,291	)		―		(111,640	)
Cash and equivalents at beginning of period		66,757			176			343,589			―		410,522
Cash and equivalents at end of period	$	17,371		$	213		$	281,298		$	―	$	298,882

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(228,051	)	$	401		$	(4,463	)	$	―	$	(232,113	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(5,251	)		(97	)		(3,472	)		―		(8,820	)
Distributions from unconsolidated homebuilding joint ventures		―			―			49			―		49
Other investing activities		(860	)		(57	)		164			―		(753	)
Net cash provided by (used in) investing activities		(6,111	)		(154	)		(3,259	)		―		(9,524	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(5,576	)		―		(5,576	)
Principal payments on secured project debt and other notes payable		―			(218	)		(305	)		―		(523	)
Payment of debt issuance costs		(4,575	)		―			―			―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			4,529			―		4,529
Payment of common stock issuance costs		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		410			―			―			―		410
Net cash provided by (used in) financing activities		(4,489	)		(218	)		(1,352	)		―		(6,059	)
Net increase (decrease) in cash and equivalents		(238,651	)		29			(9,074	)		―		(247,696	)
Cash and equivalents at beginning of period		260,869			217			470,285			―		731,371
Cash and equivalents at end of period	$	22,218		$	246		$	461,211		$	―	$	483,675

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

Selected Financial Information

(Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
	2012				2011			2012			2011
	(Dollars in thousands, except per share amounts)
Homebuilding:
Home sale revenues		$	274,872		$	204,236		$	495,189		$	347,935
Land sale revenues			―			109			3,385			109
Total revenues			274,872			204,345			498,574			348,044
Cost of home sales			(218,586	)		(169,433	)		(394,181	)		(283,745	)
Cost of land sales			―			(114	)		(3,366	)		(114	)
Total cost of sales			(218,586	)		(169,547	)		(397,547	)		(283,859	)
Gross margin			56,286			34,798			101,027			64,185
Gross margin percentage			20.5	%		17.0	%		20.3	%		18.4	%
Selling, general and administrative expenses			(41,952	)		(38,443	)		(79,644	)		(70,704	)
Loss from unconsolidated joint ventures			(1,146	)		(379	)		(2,668	)		(636	)
Interest expense			(1,617	)		(7,444	)		(4,147	)		(17,959	)
Other income (expense)			307			977			4,591			1,269
Homebuilding pretax income (loss)			11,878			(10,491	)		19,159			(23,845	)
Financial Services:
Revenues			5,405			2,535			9,031			3,595
Expenses			(2,915	)		(2,429	)		(5,175	)		(4,847	)
Other income			84			41			147			56
Financial services pretax income (loss)			2,574			147			4,003			(1,196	)
Income (loss) before income taxes			14,452			(10,344	)		23,162			(25,041	)
Provision for income taxes			(189	)		(175	)		(376	)		(275	)
Net income (loss)			14,263			(10,519	)		22,786			(25,316	)
Less: Net (income) loss allocated to preferred shareholder			(6,130	)		4,554			(9,807	)		10,968
Less: Net (income) loss allocated to unvested restricted stock			(15	)		―			(12	)		―
Net income (loss) available to common stockholders		$	8,118		$	(5,965	)	$	12,967		$	(14,348	)
Income (Loss) Per Common Share:
Basic		$	0.04		$	(0.03	)	$	0.07		$	(0.07	)
Diluted		$	0.04		$	(0.03	)	$	0.06		$	(0.07	)
Weighted Average Common Shares Outstanding:
Basic			195,746,733			193,577,324			195,427,992			193,369,182
Diluted			201,340,622			193,577,324			200,564,039			193,369,182
Weighted average additional common shares outstanding
if preferred shares converted to common shares			147,812,786			147,812,786			147,812,786			147,812,786
Total weighted average diluted common shares outstanding
if preferred shares converted to common shares			349,153,408			341,390,110			348,376,825			341,181,968
Net cash provided by (used in) operating activities		$	(56,600	)	$	(121,963	)	$	(98,718	)	$	(232,113	)
Net cash provided by (used in) investing activities		$	(5,545	)	$	(5,475	)	$	(7,891	)	$	(9,524	)
Net cash provided by (used in) financing activities		$	(11,638	)	$	12,938		$	(5,031	)	$	(6,059	)
Adjusted Homebuilding EBITDA (1)		$	41,810		$	23,678		$	73,578		$	34,696

____________________

(1)   Adjusted Homebuilding EBITDA means net income (loss) (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense, (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) gain (loss) on early extinguishment of debt, (f) homebuilding depreciation and amortization, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures and (i) income (loss) from financial services subsidiary. Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently. We believe Adjusted Homebuilding EBITDA information is useful to management and investors as one measure of our ability to service debt and obtain financing. However, it should be noted that Adjusted Homebuilding EBITDA is not a U.S. generally accepted accounting principles (“GAAP”) financial measure. Due to the significance of the GAAP components excluded, Adjusted Homebuilding EBITDA should not be considered in isolation or as an alternative to cash flows from operations or any other liquidity performance measure prescribed by GAAP.

-28-

(1)      continued

 The table set forth below reconciles net cash provided by (used in) operating activities, calculated and presented in accordance with GAAP, to Adjusted Homebuilding EBITDA:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(56,600	)	$	(121,963	)	$	(98,718	)	$	(232,113	)
Add:
Provision for income taxes		189			175			376			275
Homebuilding interest amortized to cost of sales and interest expense		26,082			23,590			47,187			45,085
Less:
Income (loss) from financial services subsidiary		2,490			106			3,856			(1,252	)
Depreciation and amortization from financial services subsidiary		28			233			44			576
(Gain) loss on disposal of property and equipment		3			(2	)		3			―
Net changes in operating assets and liabilities:
Trade and other receivables		471			10,330			7,462			11,493
Mortgage loans held for sale		4,430			15,064			(4,103	)		4,770
Inventories-owned		70,986			88,912			115,187			194,058
Inventories-not owned		872			9,990			3,499			12,800
Other assets		1,105			1,112			77			(2,028	)
Accounts payable		3,368			(793	)		1,453			138
Accrued liabilities		(6,572	)		(2,402	)		5,061			(458	)
Adjusted Homebuilding EBITDA	$	41,810		$	23,678		$	73,578		$	34,696

Three and Six Months Ended June 30, 2012 Compared to Three and Six Months Ended June 30, 2011

Overview

Our 2012 second quarter reflected a continuation of the positive momentum we experienced during the first quarter, with new home deliveries up 34%, revenues up 35%, net new orders up 45%, and homes in backlog up 62% as compared to the year earlier period.  Net income for the quarter was $14.3 million, or $0.04 per diluted share, compared to a net loss of $10.5 million, or $0.03 per diluted share, in the second quarter of 2011.  The $24.8 million year over year improvement in net income is attributable to several factors, including the continued execution of our strategy of constructing well built, innovatively designed, and energy efficient homes targeted at the discriminating “move-up” homebuyer; our focus on increasing base prices, reducing sales incentives and controlling costs; and the operating leverage inherent in our business. With over $292 million of unrestricted homebuilding cash and the additional amounts that remain available under our revolving credit facility, we believe we have ample liquidity to continue the progress we have made against our strategy.

 

Homebuilding

	Three Months Ended June 30,					Six Months Ended June 30,
	2012		2011			2012			2011
	(Dollars in thousands)
Homebuilding revenues:
California	$	147,087	$	113,737		$	262,457		$	192,647
Southwest		64,115		47,153			120,234			82,932
Southeast		63,670		43,455			115,883			72,465
Total homebuilding revenues	$	274,872	$	204,345		$	498,574		$	348,044
Homebuilding pretax income (loss):
California	$	8,583	$	(413	)	$	16,715		$	(2,534	)
Southwest		1,947		(3,647	)		2,980			(7,534	)
Southeast		652		(2,385	)		(75	)		(6,104	)
Corporate		696		(4,046	)		(461	)		(7,673	)
Total homebuilding pretax income (loss)	$	11,878	$	(10,491	)	$	19,159		$	(23,845	)

 Homebuilding pretax income for the 2012 second quarter was $11.9 million compared to a pretax loss of $10.5 million in the year earlier period.  The improvement in our financial performance was primarily the result of a 35% increase in home sale revenues, a $6.0 million decrease in inventory impairment charges and a $5.8 million decrease in interest expense.

-29-

For the six months ended June 30, 2012, we reported homebuilding pretax income of $19.2 million compared to a pretax loss of $23.8 million in the year earlier period.  The improvement in our financial performance was primarily the result of a 42% increase in home sale revenues, a $13.8 million decrease in interest expense and a $6.0 million decrease in inventory impairment charges.

Revenues

Home sale revenues increased 35%, from $204.2 million for the 2011 second quarter to $274.9 million for the 2012 second quarter, as a result of a 34% increase in new home deliveries and a 1% increase in our consolidated average home price to $337 thousand.  Home sale revenues increased 42%, from $347.9 million for the six months ended June 30, 2011 to $495.2 million for the six months ended June 30, 2012, as a result of a 39% increase in new home deliveries and a 2% increase in our consolidated average home price to $340 thousand.

				Three Months Ended June 30,			Six Months Ended June 30,
				2012	2011	% Change	2012	2011	% Change
New homes delivered:
	California			316	231	37%	541	401	35%
	Arizona			64	43	49%	110	78	41%
	Texas			137	96	43%	261	172	52%
	Colorado			23	27	(15%)	47	44	7%
	Nevada			6	5	20%	9	10	(10%)
		Total Southwest		230	171	35%	427	304	40%
	Florida			134	111	21%	260	173	50%
	Carolinas			135	97	39%	229	171	34%
		Total Southeast		269	208	29%	489	344	42%
			Consolidated total	815	610	34%	1,457	1,049	39%
	Unconsolidated joint ventures (1)			10	6	67%	14	14	―
			Total (including joint ventures) (1)	825	616	34%	1,471	1,063	38%

____________________

(1)   Numbers presented regarding unconsolidated joint ventures reflect total deliveries of such joint ventures.

 The increase in new home deliveries (exclusive of joint ventures) was driven primarily by a 55% increase in the number of homes in backlog at the beginning of the quarter as compared to the year earlier period and a 13% increase in speculative homes sold and delivered during the quarter to 285 homes, compared to 253 homes.

				Three Months Ended June 30,					Six Months Ended June 30,
				2012		2011		% Change	2012		2011		% Change
				(Dollars in thousands)
Average selling prices of homes delivered:
	California			$	465	$	492	(5%)	$	479	$	480	(0%)
	Arizona				206		211	(2%)		207		209	(1%)
	Texas				300		299	0%		299		297	1%
	Colorado				377		307	23%		377		309	22%
	Nevada				194		198	(2%)		192		195	(2%)
		Total Southwest			279		275	1%		282		272	4%
	Florida				230		195	18%		237		198	20%
	Carolinas				244		225	8%		236		223	6%
		Total Southeast			237		209	13%		237		211	12%
			Consolidated		337		335	1%		340		332	2%
	Unconsolidated joint ventures (1)				426		549	(22%)		436		459	(5%)
			Total (including joint ventures) (1)	$	338	$	337	0%	$	341	$	333	2%

____________________

(1)   Numbers presented regarding unconsolidated joint ventures reflect total average selling prices of such joint ventures.

-30-

Our consolidated average home price (excluding joint ventures) for the 2012 second quarter was essentially flat when compared to the year earlier period.  This reflects a product mix shift to more move-up homes within our Florida and Colorado markets and general price increases in the Carolinas, offset by a decrease in average home prices in California, primarily as a result of a higher percentage of deliveries from our more affordable Inland Empire and Sacramento communities.

Gross Margin

 Our 2012 second quarter gross margin percentage from home sales increased to 20.5% compared to 17.0% in the 2011 second quarter which included $6.0 million of housing inventory impairment charges.  Excluding inventory impairment charges, our 2011 second quarter adjusted gross margin percentage from home sales was 20.0%.  The increase in our gross margin percentage from home sales, excluding inventory impairment charges, was primarily attributable to the improvement in gross margins from speculative homes sold and delivered during the quarter, partially offset by an increase in previously capitalized interest included in cost of home sales.  For the first six months of 2012, our gross margin percentage from home sales was 20.4% versus 18.4% (20.2% excluding inventory impairment charges) for the prior year period.  Please see the table set forth below reconciling this non-GAAP measure to our gross margin from home sales.

 The table set forth below reconciles our homebuilding gross margin and gross margin percentage for the three and six months ended June 30, 2011 to gross margin and gross margin percentage from home sales, excluding housing inventory impairment charges:

	Three Months Ended June 30, 2011		Gross Margin %	Six Months Ended June 30, 2011		Gross Margin %
	(Dollars in thousands)
Home sale revenues	$	204,236		$	347,935
Less: Cost of home sales		(169,433)			(283,745)
Gross margin from home sales		34,803	17.0%		64,190	18.4%
Add: Inventory impairment charges		5,959			5,959
Gross margin from home sales, as adjusted	$	40,762	20.0%	$	70,149	20.2%

____________________

We believe that the measure described above, which excludes inventory impairment charges, is useful to our management and investors as it provides a perspective on the underlying operating performance of the business by isolating our results from home sales and excluding impairment charges and provides comparability with information presented by the Company’s peer group.  However, it should be noted that such measure is not a GAAP financial measure and other companies in the homebuilding industry may calculate this measure differently.  Due to the significance of the GAAP components excluded, such measure should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP

SG&A Expenses

 Our 2012 second quarter SG&A expenses (including Corporate G&A) were $42.0 million compared to $38.4 million for the prior year period which included approximately $2.2 million of severance and other charges incurred in connection with the change in our Chief Financial Officer position.  Excluding these charges, our 2011 second quarter adjusted SG&A rate from home sales was 17.8% (please see the table set forth below reconciling this non-GAAP measure to our SG&A rate from home sales) versus a SG&A rate from home sales of 15.3% in the 2012 second quarter.  The 250 basis point improvement in our adjusted SG&A rate was primarily the result of a 35% increase in home sale revenues and the operating leverage inherent in our business.  Our SG&A expenses for the six months ended June 30, 2011 also included $0.6 million of severance charges recorded during the 2011 first quarter in connection with restructuring efforts to adjust our workforce to align with lower sales volume.

-31-

The table set forth below reconciles our SG&A expenses and SG&A rate from home sales for the three and six months ended June 30, 2011 to our SG&A expenses and SG&A rate from home sales, excluding severance and other charges related to the change in our Chief Financial Officer:

	Three Months Ended June 30, 2011		SG&A as a % of home sales	Six Months Ended  June 30, 2011		SG&A as a % of home sales
	(Dollars in thousands)
Selling, general and administrative expenses	$	38,443	18.8%	$	70,704	20.3%
Less: Severance and other charges		(2,178)	(1.0%)		(2,739)	(0.8%)
Selling, general and administrative expenses,
excluding severance and other charges	$	36,265	17.8%	$	67,965	19.5%

____________________

We believe that the measure described above, which excludes severance and other charges related to the change in our Chief Financial Officer position, is useful to our management and investors as it provides a perspective on the underlying operating performance of the business excluding these charges and provides comparability with the Company’s peer group.  However, it should be noted that such measure is not a GAAP financial measure and other companies in the homebuilding industry may calculate this measure differently.  Due to the significance of the GAAP components excluded, such measure should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.

Unconsolidated Joint Ventures

We recognized a $1.1 million loss from unconsolidated joint ventures during the 2012 second quarter compared to a $0.4 million loss in the year earlier period.  The 2012 second quarter loss from unconsolidated joint ventures was primarily attributable to our share of loss related to a Southern California land development joint venture.  Please see Note 9 to our accompanying condensed consolidated financial statements for further discussion.

Interest Expense

For the three and six months ended June 30, 2012, we expensed $1.6 million and $4.1 million, respectively, of interest costs related to the portion of our debt in excess of our qualified assets.  For the three and six months ended June 30, 2011, we expensed $7.4 million and $18.0 million, respectively, of interest costs.  The decline in our year-over-year interest expense was primarily the result of an increase in the level of qualified assets during the 2012 periods compared to the prior year periods.  To the extent our debt exceeds our qualified assets in the future, we will continue to be required to expense a portion of the interest related to such debt.

Operating Data

			Three Months Ended June 30,				Six Months Ended June 30,
			2012	2011	% Change	% Absorption Change (1)	2012	2011	% Change	% Absorption Change (1)
Net new orders (2):
	California		425	313	36%	36%	752	545	38%	30%
	Arizona		93	33	182%	222%	176	79	123%	151%
	Texas		151	139	9%	14%	292	259	13%	18%
	Colorado		42	25	68%	40%	68	51	33%	11%
	Nevada		1	2	(50%)	―	6	3	100%	―
		Total Southwest	287	199	44%	53%	542	392	38%	46%
	Florida		208	142	46%	42%	394	257	53%	45%
	Carolinas		188	110	71%	46%	354	222	59%	23%
		Total Southeast	396	252	57%	44%	748	479	56%	34%
		Consolidated total	1,108	764	45%	41%	2,042	1,416	44%	34%
	Unconsolidated joint ventures (3)		16	8	100%	200%	24	16	50%	50%
		Total (including joint ventures)	1,124	772	46%	43%	2,066	1,432	44%	34%

____________________

(1)   Represents the percentage change of net new orders per average number of selling communities during the period.

(2)   Net new orders are new orders for the purchase of homes during the period, less cancellations of existing contracts during such period.

(3)   Numbers presented regarding unconsolidated joint ventures reflect total net new orders of such joint ventures.

-32-

			Three Months Ended June 30,			Six Months Ended June 30,
			2012	2011	% Change	2012	2011	% Change
Average number of selling communities during the period:
	California		53	53	―	52	49	6%
	Arizona		7	8	(13%)	8	9	(11%)
	Texas		20	21	(5%)	20	21	(5%)
	Colorado		6	5	20%	6	5	20%
	Nevada		―	1	(100%)	―	1	(100%)
		Total Southwest	33	35	(6%)	34	36	(6%)
	Florida		36	35	3%	36	34	6%
	Carolinas		35	30	17%	35	27	30%
		Total Southeast	71	65	9%	71	61	16%
		Consolidated total	157	153	3%	157	146	8%
	Unconsolidated joint ventures (1)		2	3	(33%)	3	3	―
		Total (including joint ventures)	159	156	2%	160	149	7%

____________________

(1)   Numbers presented regarding unconsolidated joint ventures reflect total average selling communities of such joint ventures.

Net new orders (excluding joint ventures) for the 2012 second quarter increased 45%, to 1,108 new homes, from the prior year period on a 3% increase in the number of our average active selling communities.  Our cancellation rate for the three months ended June 30, 2012 was 11%, compared to 14% for the 2011 second quarter and 13% for the 2012 first quarter.  Our cancellation rate (excluding cancellations from current quarter sales) for homes in beginning backlog was 7% and 10%, respectively, for the 2012 and 2011 second quarter.  Our monthly sales absorption rate for the 2012 second quarter was 2.4 per community, up from 1.7 per community for the 2011 second quarter and 2.0 per community for the 2012 first quarter.  Although sales absorption rates improved during the 2012 second quarter as compared to the prior year periods, they still remained low relative to historical rates, driven by a housing supply/demand imbalance, low consumer confidence and high unemployment.  These conditions have been magnified by the tightening of available mortgage credit for homebuyers and negative home equity for many perspective homebuyers who are looking to sell their existing homes.

			At June 30,
			2012				2011				% Change
			Homes		Dollar Value		Homes		Dollar Value		Homes		Dollar Value
Backlog ($ in thousands):
	California			385	$	191,654		263	$	157,217		46%		22%
	Arizona			123		25,648		37		7,710		232%		233%
	Texas			180		62,773		186		54,024		(3%)		16%
	Colorado			54		21,317		37		12,117		46%		76%
	Nevada			―		―		1		203		(100%)		(100%)
		Total Southwest		357		109,738		261		74,054		37%		48%
	Florida			296		76,986		151		35,025		96%		120%
	Carolinas			228		61,316		106		27,508		115%		123%
		Total Southeast		524		138,302		257		62,533		104%		121%
		Consolidated total		1,266		439,694		781		293,804		62%		50%
	Unconsolidated joint ventures (1)			13		5,997		7		2,558		86%		134%
		Total (including joint ventures)		1,279	$	445,691		788	$	296,362		62%		50%

____________________

(1)   Numbers presented regarding unconsolidated joint ventures reflect total backlog of such joint ventures.

 The dollar value of our backlog (excluding joint ventures) as of June 30, 2012 increased 50% from the year earlier period to $439.7 million, or 1,266 homes.  The increase in backlog value was driven primarily by a 45% increase in net new orders during the 2012 second quarter as compared to the prior year period.  Our consolidated average home price in backlog decreased to $347 thousand as of June 30, 2012, compared to $376 thousand as of June 30, 2011, primarily due to a lower proportion of California homes in backlog and a 17% reduction of the average selling price in backlog of California homes due to a 63% drop in the number of high-end luxury homes (with average selling prices in excess of $1 million) in backlog in that market.

-33-

			At June 30,
			2012	2011	% Change
Homesites owned and controlled:
	California		8,926	9,533	(6%)
	Arizona		1,820	1,883	(3%)
	Texas		4,038	4,259	(5%)
	Colorado		690	741	(7%)
	Nevada		1,124	1,138	(1%)
		Total Southwest	7,672	8,021	(4%)
	Florida		6,937	5,864	18%
	Carolinas		4,222	2,985	41%
		Total Southeast	11,159	8,849	26%
		Total (including joint ventures)	27,757	26,403	5%
	Homesites owned		21,369	19,121	12%
	Homesites optioned or subject to contract		5,176	5,848	(11%)
	Joint venture homesites (1)		1,212	1,434	(15%)
		Total (including joint ventures)	27,757	26,403	5%
Homesites owned:
	Raw lots		3,570	3,665	(3%)
	Homesites under development		6,582	3,945	67%
	Finished homesites		5,464	6,085	(10%)
	Under construction or completed homes		2,089	1,801	16%
	Held for sale		3,664	3,625	1%
		Total	21,369	19,121	12%

____________________

(1)   Joint venture homesites represent our expected share of land development joint venture homesites and all of the homesites of our homebuilding joint ventures.

 Total homesites owned and controlled as of June 30, 2012 increased 5% from the year earlier period and was up 5% from the 26,444 homesites owned and controlled as of December 31, 2011.

			At June 30,
			2012	2011	% Change
Homes under construction (including speculative homes):
	Consolidated		1,317	1,000	32%
	Joint ventures		12	19	(37%)
		Total	1,329	1,019	30%
Speculative homes under construction:
	Consolidated		556	549	1%
	Joint ventures		8	13	(38%)
		Total	564	562	0%
Completed and unsold homes:
	Consolidated		239	330	(28%)
	Joint ventures		―	10	―
		Total	239	340	(30%)

We continue to closely monitor new home starts based on sales volume and the number of completed and unsold homes.  As of June 30, 2012, the number of completed unsold homes (excluding joint ventures) decreased 28% from the year earlier period.  Total homes under construction (excluding joint ventures) as of June 30, 2012 increased 32% compared to the year earlier period as a result of a 45% increase in the number of homes sold in the second quarter of 2012 compared to 2011.

Financial Services

In the 2012 second quarter our financial services subsidiary reported pretax income of approximately $2.5 million compared to $0.1 million in the year earlier period.  The improvement was driven primarily by a 49% increase in the dollar volume of loans closed and sold, an increase in margins, and a $1.1 million decrease in loan loss reserve expense related to indemnification and repurchase reserves, from $1.4 million for the 2011 second quarter to $0.3 million for the 2012 second quarter.

-34-

 The following table details information regarding loan originations and related credit statistics for our mortgage financing operations:

			Three Months Ended June 30,		Six Months Ended June 30,
			2012	2011	2012	2011
			(Dollars in thousands)
Total Originations:
	Loans		565	416	1,004	713
	Principal		$              153,652	$              108,207	$              265,476	$              188,423
	Capture Rate		81%	78%	80%	78%
Loans Sold to Third Parties:
	Loans		549	365	1,024	702
	Principal		$              145,198	$                92,266	$              269,126	$              182,318
Mortgage Loan Origination Product Mix:
	FHA loans		24%	31%	25%	34%
	Other government loans (VA & USDA)		22%	19%	21%	18%
		Total government loans	46%	50%	46%	52%
	Conforming loans		54%	50%	54%	48%
	Jumbo loans		0%	0%	0%	0%
			100%	100%	100%	100%
Loan Type:
	Fixed		97%	95%	97%	95%
	ARM		3%	5%	3%	5%
Credit Quality:
	Avg. FICO score		740	738	743	740
Other Data:
	Avg. combined LTV ratio		88%	87%	87%	88%
	Full documentation loans		100%	100%	100%	100%

Income Taxes

During the three and six months ended June 30, 2012 we utilized $5.7 million and $9.2 million, respectively, of our deferred tax asset valuation to fully offset the income tax provision related to the pretax income for the periods.  During the prior year period we generated a $4.2 million and $9.8 million deferred tax asset related to the pretax losses for the three and six months ended June 30, 2011, which was fully reserved against through a noncash valuation allowance.  As of June 30, 2012, we had a $499.7 million deferred tax asset (excluding the $3.4 million deferred tax asset relating to our terminated interest rate swap) which has been fully reserved against by a corresponding deferred tax asset valuation allowance of the same amount.  Approximately $107 million of our deferred tax asset represents unrealized built-in losses related primarily to inventory impairment charges which may be limited under Internal Revenue Code Section 382 depending on, among other things, when, and at what price, we dispose of the underlying assets.  Assets with built-in losses sold prior to June 27, 2013, are subject to a $15.6 million gross annual deduction limitation for federal and state purposes.  Assets with built-in losses sold after June 27, 2013 are not subject to these limitations.  In general, to the extent that realized tax losses from these built-in loss assets exceed $15.6 million in any tax year prior to June 27, 2013, the built-in losses in excess of this amount will be permanently lost, such permanent loss reflected by identical reductions of our deferred tax asset and deferred tax asset valuation allowance for the tax effected amount of the difference.  During the six months ended June 30, 2012 and 2011, we recorded such reductions in the amounts of $1.8 million and $2.9 million, respectively, reflecting permanent losses of our deferred tax asset in such periods related to built-in losses realized during these periods that were in excess of the Section 382 annual limitation.  We have recovered over 40% of the built-in losses contained in assets that we have sold since the beginning of 2010.  Please see Note 19 to our accompanying condensed consolidated financial statements for further discussion.

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Liquidity and Capital Resources

Our principal uses of cash over the last several years have been for:

·land acquisitions ·operating expenses ·joint ventures ·construction and development ·principal and interest payments on debt ·cash collateralization ·market expansion

Cash requirements over the last several years have been met by:

·internally generated funds ·bank revolving credit and term loans ·land option contracts and seller notes ·public and private sales of our equity ·public and private note offerings ·joint venture financings ·assessment district bond financings ·letters of credit and surety bonds ·mortgage credit facilities ·tax refunds

For the six months ended June 30, 2012, we used $98.7 million of cash in operating activities versus $232.1 million in the year earlier period.  The decrease in cash used in operating activities as compared to the prior year was driven primarily by a 42% increase in homes sale revenues and a $47.5 million decrease in cash land purchase and development costs, partially offset by a $17 million increase in interest payments.  As of June 30, 2012, our homebuilding cash balance was $317.2 million (including $25.1 million of restricted cash).

 Revolving Credit Facility. As of June 30, 2012, we were party to a $210 million unsecured revolving credit facility with a bank group (the “Revolving Facility”).  The Revolving Facility matures in February 2014 and has an accordion feature under which the aggregate commitment may be increased up to $400 million, subject to the availability of additional bank commitments and certain other conditions.  Substantially all of our 100% owned homebuilding subsidiaries are guarantors of the Revolving Facility.  As of June 30, 2012, we had no amounts outstanding under the Revolving Facility.  Our covenant compliance for the Revolving Facility is set forth in the table below:

Covenant and Other Requirements		Actual at June 30, 2012	Covenant Requirements at June 30, 2012
		(Dollars in millions)
Consolidated Tangible Net Worth (1)		$656.6	≥	$463.6
Leverage Ratio:
	Net Homebuilding Debt to Adjusted Consolidated Tangible Net Worth Ratio (2)	1.69	≤	2.75
Land Not Under Development Ratio:
	Land Not Under Development to Consolidated Tangible Net Worth Ratio (3)	0.18	≤	1.00
Liquidity or Interest Coverage Ratio (4):
	Liquidity	$279.5	≥	$130.9
	EBITDA (as defined in the Revolving Facility) to Consolidated Interest Incurred (5)	1.21	≥	1.25
Investments in Homebuilding Joint Ventures or Consolidated Homebuilding Non-Guarantor Entities (6)		$85.5	≤	$309.8
Actual/Permitted Borrowings under the Revolving Facility (7)		$0	≤	$203.5

____________________

(1)   The minimum covenant requirement amount is subject to increase over time based on subsequent earnings (without deductions for losses) and proceeds from equity offerings.

(2)   This ratio decreases to 2.50 to 1.00 for the period ending September 30, 2013 and thereafter.  Net Homebuilding Debt represents Consolidated Homebuilding Debt reduced for certain cash balances in excess of a required reserve amount.

(3)   Land not under development is land that has not yet undergone physical site improvement and has not been sold to a homebuyer or other third party.

(4)   Under the liquidity and interest coverage covenant, we are required to either (i) maintain an unrestricted cash balance in excess of our consolidated interest expense for the previous four fiscal quarters or (ii) satisfy a minimum interest coverage ratio.  As of June 30, 2012, we satisfied the liquidity requirement and as such, we were in compliance with the liquidity and interest coverage covenant.

(5)   The ratio increases to 1.50 to 1.00 beginning with the quarter ending March 31, 2013.  Consolidated Interest Incurred excludes noncash interest expense.

(6)   Net investments in unconsolidated homebuilding joint ventures or consolidated homebuilding non-guarantor entities must not exceed 35% of consolidated tangible net worth plus $80 million.

(7)   As of June 30, 2012 our borrowing base plus our overadvance amount exceeded our borrowing base debt by approximately $273.2  million.  However, our borrowing base availability is limited by our total commitment, which was $210 million as of June 30, 2012.  In addition, the amount we can borrow under the Revolving Facility is limited by a mandatory prepayment requirement that further limits

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our permitted borrowings to $203.5 million as of June 30, 2012, which represents $100 million plus 90% of the book value of our completed model home inventory.  As of June 30, 2012, our ability to utilize amounts borrowed under the Revolving Facility would be subject to the liquidity requirement that requires us to maintain an unrestricted cash balance in excess of our consolidated interest expense for the previous four fiscal quarters.

 Letter of Credit Facilities. As of June 30, 2012, we were party to two committed letter of credit facilities totaling $11 million, of which $7.2 million was outstanding.  In addition, as of such date, we also had a $30 million uncommitted letter of credit facility, of which $17.4 million was outstanding.  These facilities require cash collateralization and have maturity dates ranging from October 2012 to November 2013.  As of June 30, 2012 these facilities were secured by cash collateral deposits of $25.0 million.  Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.

 Senior and Senior Subordinated Notes.  The principal amount outstanding of our senior and senior subordinated notes payable consisted of the following as of June 30, 2012:

	June 30, 2012
	(Dollars in thousands)
6% Convertible Senior Subordinated Notes due October 2012	$	39,613
6¼% Senior Notes due April 2014		4,971
7% Senior Notes due August 2015		29,789
10¾% Senior Notes due September 2016		280,000
8⅜% Senior Notes due May 2018		575,000
8⅜% Senior Notes due January 2021		400,000
	$	1,329,373

 These notes (excluding our convertible senior subordinated notes) contain various restrictive covenants.  Our 10¾% Senior Notes due 2016 contain our most restrictive covenants, including a limitation on additional indebtedness and a limitation on restricted payments.  Under the limitation on additional indebtedness, we are permitted to incur specified categories of indebtedness but are prohibited, aside from those exceptions, from incurring further indebtedness if we do not satisfy either a maximum leverage condition or a minimum interest coverage condition.  Under the limitation on restricted payments, we are also prohibited from making restricted payments (which include dividends, investments in and advances to our joint ventures and other unrestricted subsidiaries), if we do not satisfy either condition.  Our ability to make restricted payments is also subject to a basket limitation.  As of June 30, 2012, we were able to satisfy the conditions necessary to incur additional indebtedness and to make restricted payments.

 The leverage and interest coverage conditions contained in our 10¾% Senior Notes due 2016 (our most restrictive series of notes) are set forth in the table below:

Covenant Requirements		Actual at June 30, 2012	Covenant Requirements at June 30, 2012
Total Leverage Ratio:
	Indebtedness to Consolidated Tangible Net Worth Ratio (1)	2.06		≤    2.25
Interest Coverage Ratio:
	EBITDA (as defined in the indenture) to Consolidated Interest Incurred	1.02		≥    2.00

____________________

(1)   Indebtedness represents consolidated homebuilding debt reduced by cash held by Standard Pacific Corp. and its restricted subsidiaries in excess of $5 million.  As of June 30, 2012, our unrestricted subsidiaries had approximately $274.5 million of unrestricted cash.  As of June 30, 2012, we retained the ability, at our option, to distribute substantially all of this cash to Standard Pacific Corp.  If such a distribution were to occur, the Leverage Ratio would be positively impacted.

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 As of June 30, 2012, we had $39.6 million in aggregate principal amount of Convertible Senior Subordinated Notes due 2012 outstanding (the “Convertible Notes”).  In accordance with ASC Topic 470, Debt, a portion of our Convertible Notes has been classified in stockholders’ equity ($1.1 million as of June 30, 2012) and the remaining principal amount will be accreted to its redemption value of $39.6 million over the remaining term of these notes.

 We repaid the remaining $10.0 million principal balance of our 9¼% Senior Subordinated Notes upon maturity in April 2012.

 Potential Future Transactions.  In the future, we may, from time to time, undertake negotiated or open market purchases of, or tender offers for, our notes prior to maturity when they can be purchased at prices that we believe are attractive.  We may also, from time to time, engage in exchange transactions (including debt for equity and debt for debt transactions) for all or part of our notes.  Such transactions, if any, will depend on market conditions, our liquidity requirements, contractual restrictions and other factors.

 Joint Venture Loans.  As described more particularly under the heading “Off-Balance Sheet Arrangements” beginning on page 39, our land development and homebuilding joint ventures have historically obtained secured acquisition, development and/or construction financing.  This financing is designed to reduce the use of funds from our corporate financing sources.  As of June 30, 2012, we held interests in eight active joint ventures with no project specific financing outstanding.

 Secured Project Debt and Other Notes Payable.  At June 30, 2012, we had $4.9 million outstanding in secured project debt and other notes payable.  Our secured project debt and other notes payable consist of community development district and similar assessment district bond financings used to finance land development and infrastructure costs for which we are responsible.

 Mortgage Credit Facility.  At June 30, 2012, we had $44.4 million outstanding under our mortgage financing subsidiary’s mortgage credit facility, a $50 million repurchase facility.  This facility requires Standard Pacific Mortgage to maintain a cash collateral account, which totaled $1.3 million as of June 30, 2012, and also contains financial covenants which require Standard Pacific Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of June 30, 2012, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in this facility.

 In July 2012, Standard Pacific Mortgage renewed the $50 million repurchase facility, increasing the overall facility commitment amount to $75 million, and extended its maturity date to July 3, 2013.

 Surety Bonds.  Surety bonds serve as a source of liquidity for the Company because they are used in lieu of cash deposits and letters of credit that would otherwise be required by governmental entities and other third parties to ensure our completion of the infrastructure of our projects and other performance.  At June 30, 2012, we had approximately $192.0 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $84.2 million remaining in cost to complete.

 Availability of Additional Liquidity.  The availability of additional capital, whether from private capital sources (including banks) or the public capital markets, fluctuates as market conditions change.  There may be times when the private capital markets and the public debt or equity markets lack sufficient liquidity or when our securities cannot be sold at attractive prices, in which case we would not be able to access capital from these sources.  A weakening of our financial condition, including in particular a material increase in our leverage or a decrease in our profitability or cash flows, could adversely affect our ability to obtain necessary funds, result in a credit rating downgrade or change in outlook, or otherwise increase our cost of borrowing.

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 Dividends & Stock Repurchases.  We did not pay dividends or repurchase capital stock during the six months ended June 30, 2012.

 Leverage.  Our homebuilding debt to total book capitalization was 66.8% at June 30, 2012 and our adjusted net homebuilding debt to adjusted total book capitalization was 60.4%.  This adjusted ratio reflects the offset of homebuilding cash and excludes $44.4 million of indebtedness of our financial services subsidiary.  We believe that this adjusted ratio is useful to investors as an additional measure of our ability to service debt.  Excluding the impact and timing of recording impairments and new land purchases, historically, our leverage increases during the first three quarters of the year and tapers off at year end, as we typically experience the highest new home order activity in the spring and summer months and deliver a greater number of homes in the second half of the calendar year as the prior orders are converted to home deliveries.

Off-Balance Sheet Arrangements

Land Purchase and Option Agreements

We are subject to customary obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require a cash deposit or delivery of a letter of credit, and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements.  We also utilize option contracts with land sellers and third-party financial entities as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources.  Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices.  We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices.  Also, in a few instances where we have entered into option contracts with third party financial entities, we have generally entered into construction agreements that do not terminate if we elect not to exercise our option.  In these instances, we are generally obligated to complete land development improvements on the optioned property at a predetermined cost (paid by the option provider) and are responsible for all cost overruns.  At June 30, 2012, we had no option contracts outstanding with third party financial entities.  In some instances, we may also expend funds for due diligence, development and construction activities with respect to our land purchase and option contracts prior to purchase, which we would have to write off should we not purchase the land.  At June 30, 2012, we had non-refundable cash deposits outstanding of approximately $23.1 million and capitalized preacquisition and other development and construction costs of approximately $11.0 million relating to land purchase and option contracts having a total remaining purchase price of approximately $218.2 million.  Approximately $60.9 million of the remaining purchase price is included in inventories not owned in the accompanying condensed consolidated balance sheets.

Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences.  Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.

Land Development and Homebuilding Joint Ventures

Historically, we have entered into land development and homebuilding joint ventures from time to time as a means of:

·accessing larger or highly desirable lot positions ·establishing strategic alliances ·leveraging our capital base ·expanding our market opportunities ·managing the financial and market risk associated with land holdings

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These joint ventures have historically obtained secured acquisition, development and/or construction financing designed to reduce the use of funds from our corporate financing sources.  As of June 30, 2012, we held membership interests in 19 homebuilding and land development joint ventures, of which eight were active and 11 were inactive or winding down.  As of such date, our joint ventures had no project specific financing outstanding.  As of June 30, 2012, we had $3.4 million of joint venture surety bonds outstanding subject to indemnity arrangements by us and had an estimated $0.8 million remaining in cost to complete.

Critical Accounting Policies

The preparation of our condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of our assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities.  On an ongoing basis, we evaluate our estimates and judgments, including those that impact our most critical accounting policies.  We base our estimates and judgments on historical experience and various other assumptions that are believed to be reasonable under the circumstances.  Actual results may differ from these estimates under different assumptions or conditions.  We believe that the accounting policies related to the following accounts or activities are those that are most critical to the portrayal of our financial condition and results of operations and require the more significant judgments and estimates:

·   Segment reporting;

·   Inventories and impairments;

·   Stock-based compensation;

·   Homebuilding revenue and cost of sales;

·   Variable interest entities;

·   Unconsolidated homebuilding and land development joint ventures;

·   Warranty accruals;

·   Insurance and litigation accruals; and

·   Income taxes.

There have been no significant changes to our critical accounting policies from those described in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2011. 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks related to fluctuations in interest rates on our rate-locked loan commitments, mortgage loans held for sale and outstanding variable rate debt.  We did not utilize swaps, forward or option contracts on interest rates or commodities, or other types of derivative financial instruments as of or during the six months ended June 30, 2012.  We have not entered into and currently do not hold derivatives for trading or speculative purposes.  Many of the statements contained in this section are forward looking and should be read in conjunction with our disclosures under the heading “Forward-Looking Statements.”

As part of our ongoing operations, we provide mortgage loans to our homebuyers through our mortgage financing subsidiary, Standard Pacific Mortgage.  Standard Pacific Mortgage manages the interest rate risk associated with making loan commitments to our customers and holding loans for sale by preselling loans.  Preselling loans consists of obtaining commitments (subject to certain conditions) from third party investors to purchase the mortgage loans while concurrently extending interest rate locks to loan applicants.  Before completing the sale to these investors, Standard Pacific Mortgage finances these loans under its mortgage credit facility for a short period of time (typically for 30 to 45 days), while the investors complete their administrative review of the applicable loan documents.  While preselling these loans reduces our risk, we remain subject to risk relating to investor non-performance, particularly during periods of significant market turmoil.  As of June 30, 2012, Standard Pacific Mortgage had approximately $70.6

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million in closed mortgage loans held for sale and $55.7 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and completion of the investors’ administrative review of the applicable loan documents.

ITEM 4. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Our management carried out an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e), including controls and procedures to timely alert management to material information relating to Standard Pacific Corp. and subsidiaries required to be included in our periodic SEC filings.  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.

Change in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  In addition, other statements we may make from time to time, such as press releases, oral statements made by Company officials and other reports we file with the Securities and Exchange Commission, may also contain such forward-looking statements.  These statements, which represent our expectations or beliefs regarding future events, may include, but are not limited to, statements regarding:

·   our strategy;

·   the potential for additional impairments and further deposit write-offs;

·   the impact of future market rate risks on our financial assets and borrowings;

·   trends relating to the amount of make-whole payments and loan repurchases that we may have to make;

·   the sufficiency of our warranty and other reserves;

·   our expected equity award forfeiture rates;

·   our belief that our current restructuring activities are substantially complete;

·   housing market conditions and trends in new home deliveries, orders, backlog, home pricing, leverage and gross margins;

·   the sufficiency of our liquidity and our ability to access additional capital;

·   litigation outcomes and related costs;

·   plans to purchase our notes prior to maturity and to engage in debt exchange transactions;

·   changes to our unrecognized tax benefits and uncertain tax positions;

·   the timing of the amortization of equity award unrecognized compensation expense;

·   seasonal trends relating to our leverage levels;

·   plans with respect to letter of credit facilities;

·   remaining cost to complete under surety bond arrangements;

·   our ability to realize the value of our deferred tax assets and the timing relating thereto; and

·   the impact of recent accounting standards.

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Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors—many of which are out of our control and difficult to forecast—that may cause actual results to differ materially from those that may be described or implied.  Such factors include, but are not limited to, the following:

·   adverse developments in general and local economic conditions that affect the demand for homes;

·   the impact of downturns in homebuyer demand on revenues, margins and impairments;

·   the market value and availability of land;

·   our dependence on the California market and, to a lesser extent, the Florida market;

·   the willingness of customers to purchase homes at times when mortgage-financing costs are high or when credit is difficult to obtain;

·   competition with other homebuilders as well as competition from the sellers of existing homes, short-sale homes and foreclosed homes;

·   the risk of our longer term acquisition strategy;

·   our ability to obtain suitable bonding for development of our communities;

·   the cost and availability of labor and materials;

·   adverse weather conditions and natural disasters;

·   litigation and warranty claims;

·   our reliance on subcontractors and the adverse impact of their ability to properly construct our homes;

·   risks relating to our mortgage financing activities, including our obligation to repurchase loans we previously sold in the secondary market and exposure to regulatory investigations or lawsuits claiming improper lending practices;

·   our dependence on key employees;

·   risks relating to acquisitions, including integration risks;

·   our failure to maintain the security of our electronic and other confidential information;

·   government regulation, including environmental, building, climate change, worker health, safety, zoning and land use regulation;

·   the impact of “slow growth”, “no growth” or similar initiatives;

·   increased regulation of the mortgage industry;

·   changes to tax laws that make homeownership more expensive;

·   the amount of, and our ability to repay, renew or extend, our outstanding debt;

·   our ability to obtain additional capital when needed and at an acceptable cost;

·   the impact of restrictive covenants in our credit agreements, public notes and private term loans and our ability to comply with these covenants, including our ability to incur additional indebtedness;

·   risks relating to our unconsolidated joint ventures, including our ability and the ability of our partners to contribute funds to our joint ventures when needed or contractually agreed to, entitlement and development risks for the land owned by our joint ventures, the availability of financing to the joint venture, our completion obligations to the joint venture, the illiquidity of our joint venture investments, partner disputes, and risks relating to our determinations concerning the consolidation or non-consolidation of our joint venture investments;

·   the influence of our principal stockholder; and

·   our inability to realize the benefit of our net deferred tax asset and other risks discussed in this report and our other filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2011.

Except as required by law, we assume no, and hereby disclaim any, obligation to update any of the foregoing or any other forward-looking statements.  We nonetheless reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this report.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

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PART II.  OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Various claims and actions that we consider normal to our business have been asserted and are pending against us.  We do not believe that any of such claims and actions are material to our financial statements.

ITEM 1A.         RISK FACTORS

There has been no material change in our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2011.  For a detailed description of risk factors, refer to Item 1A, “Risk Factors”, of our Annual Report on Form 10-K for the year ended December 31, 2011.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS

*3.1   Amended and Restated Bylaws of the Company, incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 11, 2012.

31.1   Certification of the CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2   Certification of the CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101   The following materials from Standard Pacific Corp.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

____________________

(*) Previously filed.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

STANDARD PACIFIC CORP.

(Registrant)

Dated:  July 27, 2012	By:	/s/ Scott D. Stowell
		Scott D. Stowell Chief Executive Officer (Principal Executive Officer)
Dated:  July 27, 2012	By:	/s/ Jeff J. McCall
		Jeff J. McCall Executive Vice President and Chief Financial Officer (Principal Financial Officer)

 

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EX-31.1

Exhibit 31.1

Certification:

I, Scott D. Stowell, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Standard Pacific Corp.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 27, 2012

/s/  Scott D. Stowell

Scott D. Stowell

Chief Executive Officer and President

EX-31.2

Exhibit 31.2

Certification:

I, Jeff J. McCall, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Standard Pacific Corp.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 27, 2012

/s/  Jeff J. McCall

Jeff J. McCall

Executive Vice President and

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, in his capacity as an officer of Standard Pacific Corp., a Delaware corporation (the “Company”), for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•   the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

•   the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 27, 2012

/s/  Scott D. Stowell

Scott D. Stowell

Chief Executive Officer and President

/s/  Jeff J. McCall

Jeff J. McCall

Executive Vice President and

Chief Financial Officer

XML

Note 21 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2012

Supplemental Condensed Consolidating Statements of Operations [Table Text Block]

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)		―			(218,586	)
Gross margin		24,871			27,856			3,559			―			56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)		―			(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)		―			(1,146	)
Equity income (loss) of subsidiaries		2,867			―			―			(2,867	)		―
Interest expense		4,383			(4,343	)		(1,657	)		―			(1,617	)
Other income (expense)		(205	)		251			261			―			307
Homebuilding pretax income (loss)		12,495			3,140			(890	)		(2,867	)		11,878
Financial Services:
Financial services pretax income (loss)		(84	)		84			2,574			―			2,574
Income (loss) before income taxes		12,411			3,224			1,684			(2,867	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)		―			(189	)
Net income (loss)	$	14,263		$	1,999		$	868		$	(2,867	)	$	14,263

	Three Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	82,010		$	110,863		$	11,472		$	―	$	204,345
Cost of sales		(66,305	)		(93,676	)		(9,566	)		―		(169,547	)
Gross margin		15,705			17,187			1,906			―		34,798
Selling, general and administrative expenses		(20,145	)		(17,309	)		(989	)		―		(38,443	)
Income (loss) from unconsolidated joint ventures		92			(10	)		(461	)		―		(379	)
Equity income (loss) of subsidiaries		(3,296	)		―			―			3,296		―
Interest expense		(1,779	)		(5,151	)		(514	)		―		(7,444	)
Other income (expense)		477			52			448			―		977
Homebuilding pretax income (loss)		(8,946	)		(5,231	)		390			3,296		(10,491	)
Financial Services:
Financial services pretax income (loss)		(41	)		41			147			―		147
Income (loss) before income taxes		(8,987	)		(5,190	)		537			3,296		(10,344	)
(Provision) benefit for income taxes		(1,532	)		1,230			127			―		(175	)
Net income (loss	$	(10,519	)	$	(3,960	)	$	664		$	3,296	$	(10,519	)

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)		―			(397,547	)
Gross margin		41,171			52,442			7,414			―			101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)		―			(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)		―			(2,668	)
Equity income (loss) of subsidiaries		4,785			―			―			(4,785	)		―
Interest expense		7,739			(8,584	)		(3,302	)		―			(4,147	)
Other income (expense)		3,808			300			483			―			4,591
Homebuilding pretax income (loss)		20,178			5,517			(1,751	)		(4,785	)		19,159
Financial Services:
Financial services pretax income (loss)		(147	)		147			4,003			―			4,003
Income (loss) before income taxes		20,031			5,664			2,252			(4,785	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)		―			(376	)
Net income (loss)	$	22,786		$	3,682		$	1,103		$	(4,785	)	$	22,786

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	144,700		$	185,895		$	17,449		$	―	$	348,044
Cost of sales		(113,408	)		(156,780	)		(13,671	)		―		(283,859	)
Gross margin		31,292			29,115			3,778			―		64,185
Selling, general and administrative expenses		(37,755	)		(31,339	)		(1,610	)		―		(70,704	)
Income (loss) from unconsolidated joint ventures		70			(36	)		(670	)		―		(636	)
Equity income (loss) of subsidiaries		(8,282	)		―			―			8,282		―
Interest expense		(6,907	)		(10,032	)		(1,020	)		―		(17,959	)
Other income (expense)		394			22			853			―		1,269
Homebuilding pretax income (loss)		(21,188	)		(12,270	)		1,331			8,282		(23,845	)
Financial Services:
Financial services pretax income (loss)		(56	)		56			(1,196	)		―		(1,196	)
Income (loss) before income taxes		(21,244	)		(12,214	)		135			8,282		(25,041	)
(Provision) benefit for income taxes		(4,072	)		3,252			545			―		(275	)
Net income (loss)	$	(25,316	)	$	(8,962	)	$	680		$	8,282	$	(25,316	)

Supplemental Condensed Consolidating Balance Sheets [Table Text Block]

	June 30, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	17,371	$	213	$	274,523	$	―		$	292,107
Restricted cash		―		―		25,135		―			25,135
Trade and other receivables		571,475		5,226		24,366		(582,080	)		18,987
Inventories - Owned		693,965		665,486		245,687		―			1,605,138
Inventories - Not owned		44,489		39,717		2,228		―			86,434
Investments in unconsolidated joint ventures		23,475		2,326		59,664		―			85,465
Investments in subsidiaries		698,281		―		―		(698,281	)		―
Deferred income taxes, net		3,212		―		―		148			3,360
Other assets		31,065		3,130		630		―			34,825
Total Homebuilding Assets		2,083,333		716,098		632,233		(1,280,213	)		2,151,451
Financial Services:
Cash and equivalents		―		―		6,775		―			6,775
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		70,091		―			70,091
Mortgage loans held for investment, net		―		―		9,522		―			9,522
Other assets		―		―		6,329		(3,142	)		3,187
Total Financial Services Assets		―		―		94,012		(3,142	)		90,870
Total Assets	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5,674	$	8,650	$	2,052	$	―		$	16,376
Accrued liabilities		106,287		433,219		226,525		(562,644	)		203,387
Secured project debt and other notes payable		―		―		4,934		―			4,934
Senior notes payable		1,276,258		―		―		―			1,276,258
Senior subordinated notes payable		38,490		―		―		―			38,490
Total Homebuilding Liabilities		1,426,709		441,869		233,511		(562,644	)		1,539,445
Financial Services:
Accounts payable and other liabilities		―		―		8,255		(6,430	)		1,825
Mortgage credit facilities		―		―		60,427		(16,000	)		44,427
Total Financial Services Liabilities		―		―		68,682		(22,430	)		46,252
Total Liabilities		1,426,709		441,869		302,193		(585,074	)		1,585,697
Equity:
Total Stockholders' Equity		656,624		274,229		424,052		(698,281	)		656,624
Total Liabilities and Equity	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321

	December 31, 2011
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	66,757	$	176	$	339,852	$	―		$	406,785
Restricted cash		―		―		31,372		―			31,372
Trade and other receivables		485,835		5,435		23,898		(503,643	)		11,525
Inventories - Owned		647,577		623,945		205,717		―			1,477,239
Inventories - Not owned		6,123		51,684		2,033		―			59,840
Investments in unconsolidated joint ventures		24,082		2,340		55,385		―			81,807
Investments in subsidiaries		766,496		―		―		(766,496	)		―
Deferred income taxes, net		5,178		―		―		148			5,326
Other assets		32,496		2,965		232		―			35,693
Total Homebuilding Assets		2,034,544		686,545		658,489		(1,269,991	)		2,109,587
Financial Services:
Cash and equivalents		―		―		3,737		―			3,737
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		73,811		―			73,811
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,901		(3,063	)		1,838
Total Financial Services Assets		―		―		93,859		(3,063	)		90,796
Total Assets	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	6,911	$	9,887	$	1,031	$	―		$	17,829
Accrued liabilities		82,462		406,111		181,082		(483,765	)		185,890
Secured project debt and other notes payable		―		―		3,531		―			3,531
Senior notes payable		1,275,093		―		―		―			1,275,093
Senior subordinated notes payable		46,324		―		―		―			46,324
Total Homebuilding Liabilities		1,410,790		415,998		185,644		(483,765	)		1,528,667
Financial Services:
Accounts payable and other liabilities		―		―		5,947		(4,793	)		1,154
Mortgage credit facilities		―		―		64,808		(18,000	)		46,808
Total Financial Services Liabilities		―		―		70,755		(22,793	)		47,962
Total Liabilities		1,410,790		415,998		256,399		(506,558	)		1,576,629
Equity:
Total Stockholders' Equity		623,754		270,547		495,949		(766,496	)		623,754
Total Liabilities and Equity	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383

Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries				Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(112,860	)	$	405			$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)			(6,459	)		―		(8,281	)
Distributions from unconsolidated homebuilding joint ventures		1,206			―				589			―		1,795
Other investing activities		(772	)		(263	)			(370	)		―		(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)			(6,240	)		―		(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―				6,237			―		6,237
Principal payments on secured project debt and other notes payable		―			―				(644	)		―		(644	)
Principal payments on senior subordinated notes payable		(9,990	)		―				―			―		(9,990	)
Net proceeds from (payments on) mortgage credit facilities		―			―				(2,381	)		―		(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000			―				(73,000	)		―		―
Proceeds from the exercise of stock options		1,747			―				―			―		1,747
Net cash provided by (used in) financing activities		64,757			―				(69,788	)		―		(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37				(62,291	)		―		(111,640	)
Cash and equivalents at beginning of period		66,757			176				343,589			―		410,522
Cash and equivalents at end of period	$	17,371		$	213			$	281,298		$	―	$	298,882

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(228,051	)	$	401		$	(4,463	)	$	―	$	(232,113	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(5,251	)		(97	)		(3,472	)		―		(8,820	)
Distributions from unconsolidated homebuilding joint ventures		―			―			49			―		49
Other investing activities		(860	)		(57	)		164			―		(753	)
Net cash provided by (used in) investing activities		(6,111	)		(154	)		(3,259	)		―		(9,524	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(5,576	)		―		(5,576	)
Principal payments on secured project debt and other notes payable		―			(218	)		(305	)		―		(523	)
Payment of debt issuance costs		(4,575	)		―			―			―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			4,529			―		4,529
Payment of common stock issuance costs		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		410			―			―			―		410
Net cash provided by (used in) financing activities		(4,489	)		(218	)		(1,352	)		―		(6,059	)
Net increase (decrease) in cash and equivalents		(238,651	)		29			(9,074	)		―		(247,696	)
Cash and equivalents at beginning of period		260,869			217			470,285			―		731,371
Cash and equivalents at end of period	$	22,218		$	246		$	461,211		$	―	$	483,675

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Note 10 - Warranty Costs (Detail) - Changes In Warranty Accrual (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Warranty accrual, beginning of the period	$ 17,572	$ 20,866
Warranty costs accrued during the period	656	1,432
Warranty costs paid during the period	(1,635)	(1,660)
Warranty accrual, end of the period	$ 16,593	$ 20,638

XML

Note 7 - Inventories (Detail) - Inventories Not Owned (Homebuilding [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Homebuilding [Member]
Land purchase and lot option deposits	$ 25,559	$ 24,379
Other lot option contracts, net of deposits	60,875	35,461
Total inventories not owned	$ 86,434	$ 59,840

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Note 21 - Supplemental Guarantor Information (Detail) - Condensed Consolidating Balance Sheet (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and equivalents	$ 298,882	$ 410,522	$ 483,675	$ 731,371
Investments in unconsolidated joint ventures	85,465	81,807
Total Assets	2,242,321	2,200,383
LIABILITIES AND EQUITY
Total Liabilities	1,585,697	1,576,629
Equity:
Total Stockholders' Equity	656,624	623,754
Total Liabilities and Equity	2,242,321	2,200,383
Homebuilding [Member] | Parent Company [Member]
ASSETS
Cash and equivalents	17,371	66,757
Trade and other receivables	571,475	485,835
Inventories - Owned	693,965	647,577
Inventories - Not owned	44,489	6,123
Investments in unconsolidated joint ventures	23,475	24,082
Investments in subsidiaries	698,281	766,496
Deferred income taxes, net	3,212	5,178
Other assets	31,065	32,496
Total Assets	2,083,333	2,034,544
LIABILITIES AND EQUITY
Accounts payable	5,674	6,911
Accrued liabilities	106,287	82,462
Senior notes payable	1,276,258	1,275,093
Senior subordinated notes payable	38,490	46,324
Total Liabilities	1,426,709	1,410,790
Homebuilding [Member] | Guarantor Subsidiaries [Member]
ASSETS
Cash and equivalents	213	176
Trade and other receivables	5,226	5,435
Inventories - Owned	665,486	623,945
Inventories - Not owned	39,717	51,684
Investments in unconsolidated joint ventures	2,326	2,340
Other assets	3,130	2,965
Total Assets	716,098	686,545
LIABILITIES AND EQUITY
Accounts payable	8,650	9,887
Accrued liabilities	433,219	406,111
Total Liabilities	441,869	415,998
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and equivalents	274,523	339,852
Restricted cash	25,135	31,372
Trade and other receivables	24,366	23,898
Inventories - Owned	245,687	205,717
Inventories - Not owned	2,228	2,033
Investments in unconsolidated joint ventures	59,664	55,385
Other assets	630	232
Total Assets	632,233	658,489
LIABILITIES AND EQUITY
Accounts payable	2,052	1,031
Accrued liabilities	226,525	181,082
Secured project debt and other notes payable	4,934	3,531
Total Liabilities	233,511	185,644
Homebuilding [Member] | Consolidation, Eliminations [Member]
ASSETS
Trade and other receivables	(582,080)	(503,643)
Investments in subsidiaries	(698,281)	(766,496)
Deferred income taxes, net	148	148
Total Assets	(1,280,213)	(1,269,991)
LIABILITIES AND EQUITY
Accrued liabilities	(562,644)	(483,765)
Total Liabilities	(562,644)	(483,765)
Homebuilding [Member]
ASSETS
Cash and equivalents	292,107	406,785
Restricted cash	25,135	31,372
Trade and other receivables	18,987	11,525
Inventories - Owned	1,605,138	1,477,239
Inventories - Not owned	86,434	59,840
Investments in unconsolidated joint ventures	85,465	81,807
Deferred income taxes, net	3,360	5,326
Other assets	34,825	35,693
Total Assets	2,151,451	2,109,587
LIABILITIES AND EQUITY
Accounts payable	16,376	17,829
Accrued liabilities	203,387	185,890
Secured project debt and other notes payable	4,934	3,531
Senior notes payable	1,276,258	1,275,093
Senior subordinated notes payable	38,490	46,324
Total Liabilities	1,539,445	1,528,667
Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and equivalents	6,775	3,737
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	70,091	73,811
Mortgage loans held for investment, net	9,522	10,115
Other assets	6,329	4,901
Total Assets	94,012	93,859
LIABILITIES AND EQUITY
Accounts payable and other liabilities	8,255	5,947
Mortgage credit facilities	60,427	64,808
Total Liabilities	68,682	70,755
Financial Services [Member] | Consolidation, Eliminations [Member]
ASSETS
Other assets	(3,142)	(3,063)
Total Assets	(3,142)	(3,063)
LIABILITIES AND EQUITY
Accounts payable and other liabilities	(6,430)	(4,793)
Mortgage credit facilities	(16,000)	(18,000)
Total Liabilities	(22,430)	(22,793)
Financial Services [Member]
ASSETS
Cash and equivalents	6,775	3,737
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	70,091	73,811
Mortgage loans held for investment, net	9,522	10,115
Other assets	3,187	1,838
Total Assets	90,870	90,796
LIABILITIES AND EQUITY
Accounts payable and other liabilities	1,825	1,154
Mortgage credit facilities	44,427	46,808
Total Liabilities	46,252	47,962
Parent Company [Member]
ASSETS
Cash and equivalents	17,371	66,757	22,218	260,869
Total Assets	2,083,333	2,034,544
LIABILITIES AND EQUITY
Total Liabilities	1,426,709	1,410,790
Equity:
Total Stockholders' Equity	656,624	623,754
Total Liabilities and Equity	2,083,333	2,034,544
Guarantor Subsidiaries [Member]
ASSETS
Cash and equivalents	213	176	246	217
Total Assets	716,098	686,545
LIABILITIES AND EQUITY
Total Liabilities	441,869	415,998
Equity:
Total Stockholders' Equity	274,229	270,547
Total Liabilities and Equity	716,098	686,545
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and equivalents	281,298	343,589	461,211	470,285
Total Assets	726,245	752,348
LIABILITIES AND EQUITY
Total Liabilities	302,193	256,399
Equity:
Total Stockholders' Equity	424,052	495,949
Total Liabilities and Equity	726,245	752,348
Consolidation, Eliminations [Member]
ASSETS
Total Assets	(1,283,355)	(1,273,054)
LIABILITIES AND EQUITY
Total Liabilities	(585,074)	(506,558)
Equity:
Total Stockholders' Equity	(698,281)	(766,496)
Total Liabilities and Equity	$ (1,283,355)	$ (1,273,054)

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Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Cash Collateral Deposits	$ 25.0
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	210
Aggregate Borrowing Commitment	400
Line of Credit Facility, Current Borrowing Capacity	203.5
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	11
Letters of Credit Outstanding, Amount	7.2
Uncommitted Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30
Letters of Credit Outstanding, Amount	$ 17.4

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Note 7 - Inventories (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Number of Projects Reviewed for Impairment		264	251
Impairment of Real Estate	$ 6.0		$ 6.0
Deposit Write-offs		$ 0.1

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2012

Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Revenues	$	4,705		$	5,963		$	7,304		$	18,373
Cost of sales and expenses		(4,882	)		(5,302	)		(7,581	)		(15,766	)
Income (loss) of unconsolidated joint ventures	$	(177	)	$	661		$	(277	)	$	2,607
Loss from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)

Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block]

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Assets:
Cash	$	15,988	$	24,155
Inventories		247,162		230,571
Other assets		9,676		11,190
Total assets	$	272,826	$	265,916
Liabilities and Equity:
Accounts payable and accrued liabilities	$	19,608	$	21,190
Standard Pacific equity		77,670		77,259
Other members' equity		175,548		167,467
Total liabilities and equity	$	272,826	$	265,916
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$	85,465	$	81,807

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Note 13 - Senior and Senior Subordinated Notes Payable (Detail) (USD $) In Millions, unless otherwise specified					1 Months Ended
	Jun. 30, 2012	Jun. 30, 2012 10.75% Senior Notes due September 2016 [Member]	Jun. 30, 2012 6% Convertible Senior Subordinated Notes due October 2012 [Member]	Dec. 31, 2011 6% Convertible Senior Subordinated Notes due October 2012 [Member]	Apr. 30, 2012 9.25% Senior Subordinated Notes due April 2012 [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.75%			9.25%
Cash and Cash Equivalents in Unrestricted Subsidiaries	$ 274.5
Debt Instrument, Face Amount			39.6
Debt Instrument, Unamortized Discount			1.1	3.3
Repayments of Senior Subordinated Debt					$ 10.0

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Note 21 - Supplemental Guarantor Information (Detail) - Condensed Consolidating Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$ (98,718)	$ (232,113)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(8,281)	(8,820)
Distributions from unconsolidated homebuilding joint ventures	1,795	49
Other investing activities	(1,405)	(753)
Net cash provided by (used in) investing activities	(7,891)	(9,524)
Cash Flows From Financing Activities:
Change in restricted cash	6,237	(5,576)
Principal payments on secured project debt and other notes payable	(644)	(523)
Payment of debt issuance costs		(4,575)
Principal payments on senior subordinated notes payable	(9,990)
Net proceeds from (payments on) mortgage credit facilities	(2,381)	4,529
Payment of common stock issuance costs		(324)
Proceeds from the exercise of stock options	1,747	410
Net cash provided by (used in) financing activities	(5,031)	(6,059)
Net increase (decrease) in cash and equivalents	(111,640)	(247,696)
Cash and equivalents at beginning of period	410,522	731,371
Cash and equivalents at end of period	298,882	483,675
Parent Company [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(112,860)	(228,051)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(1,717)	(5,251)
Distributions from unconsolidated homebuilding joint ventures	1,206
Other investing activities	(772)	(860)
Net cash provided by (used in) investing activities	(1,283)	(6,111)
Cash Flows From Financing Activities:
Payment of debt issuance costs		(4,575)
Principal payments on senior subordinated notes payable	(9,990)
Payment of common stock issuance costs		(324)
Distributions from (contributions to) Corporate and subsidiaries	73,000
Proceeds from the exercise of stock options	1,747	410
Net cash provided by (used in) financing activities	64,757	(4,489)
Net increase (decrease) in cash and equivalents	(49,386)	(238,651)
Cash and equivalents at beginning of period	66,757	260,869
Cash and equivalents at end of period	17,371	22,218
Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	405	401
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(105)	(97)
Other investing activities	(263)	(57)
Net cash provided by (used in) investing activities	(368)	(154)
Cash Flows From Financing Activities:
Principal payments on secured project debt and other notes payable		(218)
Net cash provided by (used in) financing activities		(218)
Net increase (decrease) in cash and equivalents	37	29
Cash and equivalents at beginning of period	176	217
Cash and equivalents at end of period	213	246
Non-Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	13,737	(4,463)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(6,459)	(3,472)
Distributions from unconsolidated homebuilding joint ventures	589	49
Other investing activities	(370)	164
Net cash provided by (used in) investing activities	(6,240)	(3,259)
Cash Flows From Financing Activities:
Change in restricted cash	6,237	(5,576)
Principal payments on secured project debt and other notes payable	(644)	(305)
Net proceeds from (payments on) mortgage credit facilities	(2,381)	4,529
Distributions from (contributions to) Corporate and subsidiaries	(73,000)
Net cash provided by (used in) financing activities	(69,788)	(1,352)
Net increase (decrease) in cash and equivalents	(62,291)	(9,074)
Cash and equivalents at beginning of period	343,589	470,285
Cash and equivalents at end of period	$ 281,298	$ 461,211

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Note 19 - Income Taxes

6 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Text Block]

19.       Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”).  ASC 740 requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.

The components of our net deferred income tax asset are as follows:

	June 30, 2012			December 31, 2011
	(Dollars in thousands)
Inventory	$	167,348		$	184,393
Financial accruals		51,471			52,493
Federal net operating loss carryforwards		216,612			210,013
State net operating loss carryforwards		51,572			51,003
Goodwill impairment charges		16,314			17,482
Other, net		(256	)		563
Total deferred tax asset		503,061			515,947
Less: Valuation allowance		(499,701	)		(510,621	)
Net deferred tax asset	$	3,360		$	5,326

Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740.  We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards, and tax planning alternatives.

As of June 30, 2012, we had a deferred tax asset of $499.7 million (excluding the $3.4 million deferred tax asset related to our terminated interest rate swap).  During the three and six months ended June 30, 2012, we utilized $5.7 million and $9.2 million, respectively, of our deferred tax asset valuation allowance to fully offset the income tax provision related to our pretax income for the periods.  As of June 30, 2012, due primarily to our current and cumulative losses, the uncertainty as to the strength of the housing market's recent improvement and its impact on our ability to predict future taxable income, we have determined that an aggregate valuation allowance of $499.7 million against our deferred tax asset is required. If we generate taxable income in the future, subject to the potential limitations discussed below, we expect to be able to reduce our effective tax rate through a reduction in this valuation allowance.

We underwent a change in ownership for purposes of Internal Revenue Code Section 382 (“Section 382”) on June 27, 2008. As a result, a portion of our deferred tax asset became subject to the various limitations on its use that are imposed by Section 382.  At June 30, 2012, $254 million of this asset was subject to limitations, of which $107 million was subject to the unrealized built-in loss limitations and $147 million was subject to federal and state net operating loss carryforward limitations.

The limitations ultimately placed on the $107 million subject to the unrealized built-in loss limitations depends on, among other things, when, and at what price, we dispose of assets with built-in losses.  Assets with built-in losses sold prior to June 27, 2013, are subject to a $15.6 million gross annual deduction limitation for federal and state purposes.  Assets with built-in losses sold after June 27, 2013 are not subject to these limitations.  In general, to the extent that realized tax losses from these built-in loss assets exceed $15.6 million in any tax year prior to June 27, 2013, the built-in losses in excess of this amount will be permanently lost, such permanent loss reflected by identical reductions of our deferred tax asset and deferred tax asset valuation allowance for the tax effected amount of the difference.  During the six months ended June 30, 2012 and 2011, we recorded such reductions in the amounts of $1.8 million and $2.9 million, respectively, reflecting permanent losses of our deferred tax asset in such periods related to built-in losses realized during these periods that were in excess of the Section 382 annual limitation.

As of June 30, 2012, $147 million (or approximately $359 million and $373 million, respectively, of federal and state net operating loss carryforwards on a gross basis) of our deferred tax asset related to net operating loss carryforwards is subject to the $15.6 million gross annual deduction limitation for both federal and state purposes.  The remaining $121 million (or approximately $264 million and $459 million, respectively, of federal and state net operating loss carryforwards on a gross basis) is not currently limited by Section 382.

As of June 30, 2012, our liability for gross unrecognized tax benefits was $13.5 million, all of which, if recognized, would reduce our effective tax rate.  There were no significant changes in the accrued liability related to uncertain tax positions during the three months ended June 30, 2012, nor do we anticipate significant changes during the next 12-month period.  As of June 30, 2012, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2007 through 2011.

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Note 8 - Capitalization of Interest (Detail) - Homebuilding Capitalized Interest (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011		Dec. 31, 2011
Total interest incurred (1)	$ 35,305	[1]	$ 35,353	[1]	$ 70,620	[1]	$ 70,207	[1]
Less: Interest capitalized to inventories owned	(31,876)		(26,186)		(62,868)		(48,896)
Less: Interest capitalized to investments in unconsolidated joint ventures	(1,812)		(1,723)		(3,605)		(3,352)
Interest expense	1,617		7,444		4,147		17,959
Interest previously capitalized to inventories owned, included in cost of home sales	24,465		16,108		43,021		27,088
Interest previously capitalized to inventories owned, included in cost of land sales			38		19		38
Interest previously capitalized to investments in unconsolidated joint ventures, included in loss from unconsolidated joint ventures	231		121		435		258
Interest capitalized in ending inventories owned	208,354		169,705		208,354		169,705
Interest capitalized as a percentage of inventories owned	13.00%		12.30%		13.00%		12.30%
Interest capitalized in ending investments in unconsolidated joint ventures	$ 12,281		$ 7,571		$ 12,281		$ 7,571		$ 9,100
Interest capitalized as a percentage of investments in unconsolidated joint ventures	14.40%		9.20%		14.40%		9.20%

[1] For the three and six months ended June 30, 2012, interest incurred included the noncash amortization of $2.6 million and $5.2 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 15 "Derivative Instruments and Hedging Activities"). For the three and six months ended June 30, 2011, interest incurred included the noncash amortization of $2.6 million and $5.1 million, respectively, of interest related to the Term Loan B swap.

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Note 4 - Earnings (Loss) Per Common Share (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Series B Preferred Stock [Member]	Dec. 31, 2011 Series B Preferred Stock [Member]	Jun. 30, 2011 Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding					450,829	450,829	450,829
Wеightеd Avеragе Additional Common Sharеs Outstanding If Prеfеrrеd Sharеs Convеrtеd To Common Sharеs	147,812,786	147,812,786	147,812,786	147,812,786

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Note 19 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	June 30, 2012			December 31, 2011
	(Dollars in thousands)
Inventory	$	167,348		$	184,393
Financial accruals		51,471			52,493
Federal net operating loss carryforwards		216,612			210,013
State net operating loss carryforwards		51,572			51,003
Goodwill impairment charges		16,314			17,482
Other, net		(256	)		563
Total deferred tax asset		503,061			515,947
Less: Valuation allowance		(499,701	)		(510,621	)
Net deferred tax asset	$	3,360		$	5,326

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Detail) - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues	$ 4,705	$ 5,963	$ 7,304	$ 18,373
Cost of sales and expenses	(4,882)	(5,302)	(7,581)	(15,766)
Income (loss) of unconsolidated joint ventures	(177)	661	(277)	2,607
Loss from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$ (1,146)	$ (379)	$ (2,668)	$ (636)

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Note 19 - Income Taxes (Detail) - Components of Net Deferred Income Tax Asset (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Other, net	$ 3,400
Total deferred tax asset	499,700
Homebuilding [Member]
Inventory	167,348	184,393
Financial accruals	51,471	52,493
Federal net operating loss carryforwards	216,612	210,013
State net operating loss carryforwards	51,572	51,003
Goodwill impairment charges	16,314	17,482
Other, net	(256)	563
Total deferred tax asset	503,061	515,947
Less: Valuation allowance	(499,701)	(510,621)
Net deferred tax asset	$ 3,360	$ 5,326

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Note 15 - Derivative Instruments and Hedging Activities (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2010	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	May 31, 2006
Number of Interest Rate Derivatives Held						2
Notional Amount of Interest Rate Cash Flow Hedge Derivatives						$ 250,000,000
Payments for Loans	225,000,000
Payment to Terminate Interest Rate Swap Agreements	24,500,000
Amortization Period of Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	2 years 109 days
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)				5,500,000
Deferred Tax Assets, Other		3,400,000		3,400,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax		$ 1,596,000	$ 1,596,000	$ 3,192,000	$ 3,175,000

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Note 7 - Inventories (Detail) - Inventories Owned (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Homebuilding: California [Member]
Land and land under development	$ 583,684	$ 614,668
Homes completed and under construction	247,259	205,515
Model homes	83,690	70,117
Total inventories owned	914,633	890,300
Homebuilding: Southwest [Member]
Land and land under development	255,519	221,481
Homes completed and under construction	67,510	67,200
Model homes	14,196	14,005
Total inventories owned	337,225	302,686
Homebuilding: Southeast [Member]
Land and land under development	248,006	200,680
Homes completed and under construction	88,131	67,134
Model homes	17,143	16,439
Total inventories owned	353,280	284,253
Homebuilding [Member]
Land and land under development	1,087,209	1,036,829
Homes completed and under construction	402,900	339,849
Model homes	115,029	100,561
Total inventories owned	$ 1,605,138	$ 1,477,239

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Note 3 - Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting Disclosure [Text Block]

3.       Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations construct and sell single-family attached and detached homes.  In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting, our homebuilding operating segments have been grouped into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas.

Our mortgage financing operation provides mortgage financing to our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market.  Our title service operation provides title examinations for our homebuyers in Texas.  Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our consolidated financial statements under “Financial Services.”

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources.  Corporate also provides the necessary administrative functions to support us as a publicly traded company.  A substantial portion of the expenses incurred by Corporate are allocated to each of the homebuilding operating divisions based on their respective percentage of revenues.

Segment financial information relating to the Company’s homebuilding operations was as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Homebuilding revenues:
California	$	147,087		$	113,737		$	262,457		$	192,647
Southwest		64,115			47,153			120,234			82,932
Southeast		63,670			43,455			115,883			72,465
Total homebuilding revenues	$	274,872		$	204,345		$	498,574		$	348,044
Homebuilding pretax income (loss):
California	$	8,583		$	(413	)	$	16,715		$	(2,534	)
Southwest		1,947			(3,647	)		2,980			(7,534	)
Southeast		652			(2,385	)		(75	)		(6,104	)
Corporate		696			(4,046	)		(461	)		(7,673	)
Total homebuilding pretax income (loss)	$	11,878		$	(10,491	)	$	19,159		$	(23,845	)
Homebuilding income (loss) from unconsolidated joint ventures:
California	$	(1,099	)	$	(366	)	$	(2,592	)	$	(605	)
Southwest		(8	)		(8	)		(13	)		(16	)
Southeast		(39	)		(5	)		(63	)		(15	)
Total homebuilding income (loss) from unconsolidated joint ventures	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)
Inventory impairments:
California	$	―		$	3,837		$	―		$	3,837
Southwest		―			2,122			―			2,122
Southeast		―			―			―			―
Total inventory impairments	$	―		$	5,959		$	―		$	5,959
Restructuring charges:
California	$	―		$	―		$	―		$	424
Southwest		―			―			―			47
Southeast		―			―			―			―
Corporate		―			―			―			90
Total restructuring charges	$	―		$	―		$	―		$	561

Segment financial information relating to the Company’s homebuilding assets and investments in unconsolidated joint ventures was as follows:

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Homebuilding assets:
California	$	1,059,857	$	985,560
Southwest		378,258		355,060
Southeast		368,622		294,996
Corporate		344,714		473,971
Total homebuilding assets	$	2,151,451	$	2,109,587
Homebuilding investments in unconsolidated joint ventures:
California	$	81,128	$	76,999
Southwest		2,758		2,770
Southeast		1,579		2,038
Total homebuilding investments in unconsolidated joint ventures	$	85,465	$	81,807

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Note 16 - Mortgage Credit Facility (Detail) (USD $)	Jun. 30, 2012 Financial Services [Member]	Dec. 31, 2011 Financial Services [Member]	Jul. 31, 2012 Repurchase Facility [Member]	Jun. 30, 2012 Repurchase Facility [Member]
Warehouse Agreement Borrowings	$ 44,427,000	$ 46,808,000
Line of Credit Facility, Maximum Borrowing Capacity			75,000,000	50,000,000
Restricted Cash and Cash Equivalents	$ 1,295,000	$ 1,295,000

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Note 4 - Earnings (Loss) Per Common Share (Detail) - Components Used in Computation of Basic and Diluted Earnings (Loss) Per Common Share (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Numerator:
Net income (loss)	$ 14,263	$ (10,519)	$ 22,786	$ (25,316)
Less: Net (income) loss allocated to preferred shareholder	(6,130)	4,554	(9,807)	10,968
Less: Net (income) loss allocated to unvested restricted stock	(15)		(12)
Net income (loss) available to common stockholders	$ 8,118	$ (5,965)	$ 12,967	$ (14,348)
Denominator:
Weighted average basic common shares outstanding (in Shares)	195,746,733	193,577,324	195,427,992	193,369,182
Stock options (in Shares)	5,593,889		5,136,047
Weighted average diluted common shares outstanding (in Shares)	201,340,622	193,577,324	200,564,039	193,369,182
Income (loss) per common share:
Basic (in Dollars per share)	$ 0.04	$ (0.03)	$ 0.07	$ (0.07)
Diluted (in Dollars per share)	$ 0.04	$ (0.03)	$ 0.06	$ (0.07)

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Note 3 - Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Homebuilding revenues:
California	$	147,087		$	113,737		$	262,457		$	192,647
Southwest		64,115			47,153			120,234			82,932
Southeast		63,670			43,455			115,883			72,465
Total homebuilding revenues	$	274,872		$	204,345		$	498,574		$	348,044
Homebuilding pretax income (loss):
California	$	8,583		$	(413	)	$	16,715		$	(2,534	)
Southwest		1,947			(3,647	)		2,980			(7,534	)
Southeast		652			(2,385	)		(75	)		(6,104	)
Corporate		696			(4,046	)		(461	)		(7,673	)
Total homebuilding pretax income (loss)	$	11,878		$	(10,491	)	$	19,159		$	(23,845	)
Homebuilding income (loss) from unconsolidated joint ventures:
California	$	(1,099	)	$	(366	)	$	(2,592	)	$	(605	)
Southwest		(8	)		(8	)		(13	)		(16	)
Southeast		(39	)		(5	)		(63	)		(15	)
Total homebuilding income (loss) from unconsolidated joint ventures	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)
Inventory impairments:
California	$	―		$	3,837		$	―		$	3,837
Southwest		―			2,122			―			2,122
Southeast		―			―			―			―
Total inventory impairments	$	―		$	5,959		$	―		$	5,959
Restructuring charges:
California	$	―		$	―		$	―		$	424
Southwest		―			―			―			47
Southeast		―			―			―			―
Corporate		―			―			―			90
Total restructuring charges	$	―		$	―		$	―		$	561

Homebuilding Assets and Investments in Unconsolidated Joint Ventures [Table Text Block]

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Homebuilding assets:
California	$	1,059,857	$	985,560
Southwest		378,258		355,060
Southeast		368,622		294,996
Corporate		344,714		473,971
Total homebuilding assets	$	2,151,451	$	2,109,587
Homebuilding investments in unconsolidated joint ventures:
California	$	81,128	$	76,999
Southwest		2,758		2,770
Southeast		1,579		2,038
Total homebuilding investments in unconsolidated joint ventures	$	85,465	$	81,807

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Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2012
Consolidation, Policy [Policy Text Block]	The condensed consolidated financial statements included herein have been prepared by Standard Pacific Corp., without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Form 10-Q.Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") has been omitted pursuant to applicable rules and regulations.In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2012 and the results of operations and cash flows for the periods presented.Pursuant to ASC Topic 855, Subsequent Events , we have evaluated subsequent events through the date that the accompanying condensed consolidated financial statements were issued for the period ended June 30, 2012. Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011.Unless the context otherwise requires, the terms "we," "us," "our" and "the Company" refer to Standard Pacific Corp. and its subsidiaries.The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

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Note 12 - Secured Project Debt and Other Notes Payable (Detail) (Homebuilding [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Homebuilding [Member]
Secured Debt	$ 4,934	$ 3,531

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Note 5 - Stock-Based Compensation (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended					1 Months Ended		1 Months Ended			6 Months Ended
	Apr. 30, 2012	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Apr. 02, 2012 First Tranche [Member] Market Based Capped Stock Appreciation Rights [Member]	Apr. 02, 2012 Second Tranche [Member] Market Based Capped Stock Appreciation Rights [Member]	Apr. 02, 2012 Third Tranche [Member] Market Based Capped Stock Appreciation Rights [Member]	Apr. 30, 2012 Stock Appreciation Rights (SARs) [Member]	Apr. 02, 2012 Stock Appreciation Rights (SARs) [Member]	Apr. 30, 2012 Performance Shares [Member]	Apr. 30, 2012 Market Based Capped Stock Appreciation Rights [Member]	Apr. 02, 2012 Market Based Capped Stock Appreciation Rights [Member]	Jun. 30, 2012 Officers and Key Employees [Member]	Jun. 30, 2012 Independent Directors [Member]	Jun. 30, 2012 All Employees [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross														462,119	49,552	7,610
Stock Issued During Period, Shares, Restricted Stock Award, Gross	356,725
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									3,374,779		405,012	2,700,000
Share Price (in Dollars per share)										$ 4.29
Threshold Amount Used to Calculate the Cap Amount of Value Per Share (in Dollars)										$ 12			$ 12
Stock Appreciation Rights, Terms of Award												5 years
Stock Appreciation Rights, Vesting Conditions, Common Stock Closing Price (in Dollars per share)						$ 8	$ 9	$ 10
Share-based Compensation (in Dollars)		1,900,000	3,500,000	2,959,000	5,459,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars)		$ 9,400,000		$ 9,400,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition				2 years 73 days

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Note 4 - Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands, except per share amounts)
Numerator:
Net income (loss)	$	14,263		$	(10,519	)	$	22,786		$	(25,316	)
Less: Net (income) loss allocated to preferred shareholder		(6,130	)		4,554			(9,807	)		10,968
Less: Net (income) loss allocated to unvested restricted stock		(15	)		―			(12	)		―
Net income (loss) available to common stockholders	$	8,118		$	(5,965	)	$	12,967		$	(14,348	)
Denominator:
Weighted average basic common shares outstanding		195,746,733			193,577,324			195,427,992			193,369,182
Stock options		5,593,889			―			5,136,047			―
Weighted average diluted common shares outstanding		201,340,622			193,577,324			200,564,039			193,369,182
Income (loss) per common share:
Basic	$	0.04		$	(0.03	)	$	0.07		$	(0.07	)
Diluted	$	0.04		$	(0.03	)	$	0.06		$	(0.07	)

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Note 7 - Inventories (Tables)

6 Months Ended

Jun. 30, 2012

Inventories Owned [Table Text Block]

	June 30, 2012
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	583,684	$	255,519	$	248,006	$	1,087,209
Homes completed and under construction		247,259		67,510		88,131		402,900
Model homes		83,690		14,196		17,143		115,029
Total inventories owned	$	914,633	$	337,225	$	353,280	$	1,605,138

	December 31, 2011
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	614,668	$	221,481	$	200,680	$	1,036,829
Homes completed and under construction		205,515		67,200		67,134		339,849
Model homes		70,117		14,005		16,439		100,561
Total inventories owned	$	890,300	$	302,686	$	284,253	$	1,477,239

Inventory Real Estate Not Owned [Table Text Block]

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Land purchase and lot option deposits	$	25,559	$	24,379
Other lot option contracts, net of deposits		60,875		35,461
Total inventories not owned	$	86,434	$	59,840

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Note 2 - Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

Recent Accounting Pronouncements [Text Block]

2.       Recent Accounting Pronouncements

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”).  ASU 2011-04 amends ASC 820, Fair Value Measurements (“ASC 820”), providing a consistent definition and measurement of fair value, as well as similar disclosure requirements between U.S. GAAP and International Financial Reporting Standards.  ASU 2011-04 changes certain fair value measurement principles, clarifies the application of existing fair value measurement and expands the ASC 820 disclosure requirements, particularly for Level 3 fair value measurements.  Our adoption of these new provisions of ASU 2011-04 on January 1, 2012 did not have an impact on our consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”).  ASU 2011-05 requires the presentation of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements.  We adopted the provisions of ASU 2011-05 on January 1, 2012 and have elected to present two separate consecutive statements in our consolidated financial statements.

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Note 8 - Capitalization of Interest (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Capitalized Interest [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Total interest incurred (1)	$	35,305		$	35,353		$	70,620		$	70,207
Less: Interest capitalized to inventories owned		(31,876	)		(26,186	)		(62,868	)		(48,896	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(1,812	)		(1,723	)		(3,605	)		(3,352	)
Interest expense	$	1,617		$	7,444		$	4,147		$	17,959
Interest previously capitalized to inventories owned, included in cost of home sales	$	24,465		$	16,108		$	43,021		$	27,088
Interest previously capitalized to inventories owned, included in cost of land sales	$	―		$	38		$	19		$	38
Interest previously capitalized to investments in unconsolidated joint ventures, included in loss from unconsolidated joint ventures	$	231		$	121		$	435		$	258
Interest capitalized in ending inventories owned	$	208,354		$	169,705		$	208,354		$	169,705
Interest capitalized as a percentage of inventories owned		13.0	%		12.3	%		13.0	%		12.3	%
Interest capitalized in ending investments in unconsolidated joint ventures	$	12,281		$	7,571		$	12,281		$	7,571
Interest capitalized as a percentage of investments in unconsolidated joint ventures		14.4	%		9.2	%		14.4	%		9.2	%

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Note 3 - Segment Reporting (Detail) - Segment Financial Information Relating to Homebuilding Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		54 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Homebuilding revenues:
Homebuilding revenues	$ 274,872	$ 204,345	$ 498,574	$ 348,044
Homebuilding pretax income (loss):
Homebuilding pretax income (loss)	11,878	(10,491)	19,159	(23,845)
Homebuilding income (loss) from unconsolidated joint ventures:
Homebuilding income (loss) from unconsolidated joint ventures	(1,146)	(379)	(2,668)	(636)
Inventory impairments:
Inventory impairments		5,959		5,959
Restructuring charges:
Restructuring charges				561	48,700
Homebuilding: California [Member]
Homebuilding revenues:
Homebuilding revenues	147,087	113,737	262,457	192,647
Homebuilding pretax income (loss):
Homebuilding pretax income (loss)	8,583	(413)	16,715	(2,534)
Homebuilding income (loss) from unconsolidated joint ventures:
Homebuilding income (loss) from unconsolidated joint ventures	(1,099)	(366)	(2,592)	(605)
Inventory impairments:
Inventory impairments		3,837		3,837
Restructuring charges:
Restructuring charges				424
Homebuilding: Southwest [Member]
Homebuilding revenues:
Homebuilding revenues	64,115	47,153	120,234	82,932
Homebuilding pretax income (loss):
Homebuilding pretax income (loss)	1,947	(3,647)	2,980	(7,534)
Homebuilding income (loss) from unconsolidated joint ventures:
Homebuilding income (loss) from unconsolidated joint ventures	(8)	(8)	(13)	(16)
Inventory impairments:
Inventory impairments		2,122		2,122
Restructuring charges:
Restructuring charges				47
Homebuilding: Southeast [Member]
Homebuilding revenues:
Homebuilding revenues	63,670	43,455	115,883	72,465
Homebuilding pretax income (loss):
Homebuilding pretax income (loss)	652	(2,385)	(75)	(6,104)
Homebuilding income (loss) from unconsolidated joint ventures:
Homebuilding income (loss) from unconsolidated joint ventures	(39)	(5)	(63)	(15)
Homebuilding: Corporate [Member]
Homebuilding pretax income (loss):
Homebuilding pretax income (loss)	696	(4,046)	(461)	(7,673)
Restructuring charges:
Restructuring charges				$ 90

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Detail) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Assets:
Cash	$ 15,988	$ 24,155
Inventories	247,162	230,571
Other assets	9,676	11,190
Total assets	272,826	265,916
Liabilities and Equity:
Accounts payable and accrued liabilities	19,608	21,190
Standard Pacific equity	77,670	77,259
Other members' equity	175,548	167,467
Total liabilities and equity	272,826	265,916
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 85,465	$ 81,807

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Homebuilding:
Home sale revenues	$ 274,872	$ 204,236	$ 495,189	$ 347,935
Land sale revenues		109	3,385	109
Total revenues	274,872	204,345	498,574	348,044
Cost of home sales	(218,586)	(169,433)	(394,181)	(283,745)
Cost of land sales		(114)	(3,366)	(114)
Total cost of sales	(218,586)	(169,547)	(397,547)	(283,859)
Gross margin	56,286	34,798	101,027	64,185
Selling, general and administrative expenses	(41,952)	(38,443)	(79,644)	(70,704)
Loss from unconsolidated joint ventures	(1,146)	(379)	(2,668)	(636)
Interest expense	(1,617)	(7,444)	(4,147)	(17,959)
Other income (expense)	307	977	4,591	1,269
Homebuilding pretax income (loss)	11,878	(10,491)	19,159	(23,845)
Financial Services:
Revenues	5,405	2,535	9,031	3,595
Expenses	(2,915)	(2,429)	(5,175)	(4,847)
Other income	84	41	147	56
Financial services pretax income (loss)	2,574	147	4,003	(1,196)
Income (loss) before income taxes	14,452	(10,344)	23,162	(25,041)
Provision for income taxes	(189)	(175)	(376)	(275)
Net income (loss)	14,263	(10,519)	22,786	(25,316)
Less: Net (income) loss allocated to preferred shareholder	(6,130)	4,554	(9,807)	10,968
Less: Net (income) loss allocated to unvested restricted stock	(15)		(12)
Net income (loss) available to common stockholders	$ 8,118	$ (5,965)	$ 12,967	$ (14,348)
Income (Loss) Per Common Share:
Basic (in Dollars per share)	$ 0.04	$ (0.03)	$ 0.07	$ (0.07)
Diluted (in Dollars per share)	$ 0.04	$ (0.03)	$ 0.06	$ (0.07)
Weighted Average Common Shares Outstanding:
Basic (in Shares)	195,746,733	193,577,324	195,427,992	193,369,182
Diluted (in Shares)	201,340,622	193,577,324	200,564,039	193,369,182
Weighted average additional common shares outstanding if preferred shares converted to common shares (in Shares)	147,812,786	147,812,786	147,812,786	147,812,786
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in Shares)	349,153,408	341,390,110	348,376,825	341,181,968

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Note 6 - Restricted Cash (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Restricted Cash	$ 26,400,000
Homebuilding [Member]
Restricted Cash and Cash Equivalents	25,135,000	31,372,000
Financial Services [Member]
Restricted Cash and Cash Equivalents	$ 1,295,000	$ 1,295,000

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash Flows From Operating Activities:
Net income (loss)	$ 22,786	$ (25,316)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss from unconsolidated joint ventures	2,668	636
Cash distributions of income from unconsolidated joint ventures	160	20
Depreciation and amortization	1,209	1,902
Loss on disposal of property and equipment	3
Amortization of stock-based compensation	2,959	5,459
Inventory impairment charges and deposit write-offs	133	5,959
Changes in cash and equivalents due to:
Trade and other receivables	(7,462)	(11,493)
Mortgage loans held for sale	4,103	(4,770)
Inventories - owned	(115,187)	(194,058)
Inventories - not owned	(3,499)	(12,800)
Other assets	(77)	2,028
Accounts payable	(1,453)	(138)
Accrued liabilities	(5,061)	458
Net cash provided by (used in) operating activities	(98,718)	(232,113)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(8,281)	(8,820)
Distributions from unconsolidated homebuilding joint ventures	1,795	49
Other investing activities	(1,405)	(753)
Net cash provided by (used in) investing activities	(7,891)	(9,524)
Cash Flows From Financing Activities:
Change in restricted cash	6,237	(5,576)
Principal payments on secured project debt and other notes payable	(644)	(523)
Principal payments on senior subordinated notes payable	(9,990)
Payment of debt issuance costs		(4,575)
Net proceeds from (payments on) mortgage credit facilities	(2,381)	4,529
Payment of common stock issuance costs		(324)
Proceeds from the exercise of stock options	1,747	410
Net cash provided by (used in) financing activities	(5,031)	(6,059)
Net increase (decrease) in cash and equivalents	(111,640)	(247,696)
Cash and equivalents at beginning of period	410,522	731,371
Cash and equivalents at end of period	298,882	483,675
Homebuilding restricted cash at end of period	25,135	33,814
Financial services restricted cash at end of period	1,295	2,870
Cash and equivalents and restricted cash at end of period	$ 325,312	$ 520,359

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Note 13 - Senior and Senior Subordinated Notes Payable (Detail) - Senior Subordinated Notes Payable (Homebuilding [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Senior Subordinated Notes, Net of Discount	$ 38,490	$ 46,324
6% Convertible Senior Subordinated Notes due October 2012 [Member]
Senior Subordinated Notes, Net of Discount	38,490	36,339
9.25% Senior Subordinated Notes due April 2012 [Member]
Senior Subordinated Notes, Net of Discount		$ 9,985

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Note 13 - Senior and Senior Subordinated Notes Payable (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Debt [Table Text Block]

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
6.25% Senior Notes due April 2014	$	4,971	$	4,971
7% Senior Notes due August 2015		29,789		29,789
10.75% Senior Notes due September 2016, net of discount		264,352		262,968
8.375% Senior Notes due May 2018, net of premium		580,184		580,523
8.375% Senior Notes due January 2021, net of discount		396,962		396,842
	$	1,276,258	$	1,275,093

Schedule of Senior Subordinated Notes Payable [Table Text Block]

		June 30, 2012		December 31, 2011
	(Dollars in thousands)
6% Convertible Senior Subordinated Notes due October 2012, net of discount		$	38,490	$	36,339
9.25% Senior Subordinated Notes due April 2012, net of discount			-		9,985
		$	38,490	$	46,324

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Note 18 - Commitments and Contingencies (Detail) (USD $)	3 Months Ended		6 Months Ended		54 Months Ended	102 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2012	Dec. 30, 2011
Non-refundable Cash Deposits	$ 23,100,000		$ 23,100,000		$ 23,100,000	$ 23,100,000
Capitalized Preacquisition and Other Development and Construction Costs	11,000,000		11,000,000		11,000,000	11,000,000
Remaining Purchase Price of Land Purchase and Option Contracts	218,200,000		218,200,000		218,200,000	218,200,000
Remaining Purchase Price of Land Purchase and Option Contracts Included In Inventories Not Owned	60,900,000		60,900,000		60,900,000	60,900,000
Number of Joint Ventures	19		19		19	19
Number of Active Joint Ventures	8		8		8	8
Number of Inactive Joint Ventures	11		11		11	11
Outstanding Joint Venture Surety Bonds	3,400,000		3,400,000		3,400,000	3,400,000
Joint Venture Surety Bonds Cost to Complete	800,000		800,000		800,000	800,000
Outstanding Surety Bonds	192,000,000		192,000,000		192,000,000	192,000,000
Surety Bonds Cost to Complete	84,200,000		84,200,000		84,200,000	84,200,000
Mortgage Loans In Process	53,900,000		53,900,000		53,900,000	53,900,000
Mortgage Loans In Process, Interest Rate	3.70%		3.70%		3.70%	3.70%
Loans Held-for-sale, Mortgages	70,600,000		70,600,000		70,600,000	70,600,000
Mortgage Loans Committed to Sell to Investors	55,700,000		55,700,000		55,700,000	55,700,000
Mortgage Loan Repurchase Payments			600,000	1,000,000		9,100,000
Mortgage Loans on Real Estate, New Mortgage Loans						6,800,000,000
MortgageLoanLossExpenseProvision	300,000	1,400,000	600,000	2,600,000
Mortgage Loan Repurchase Reserve	3,000,000		3,000,000		3,000,000	3,000,000
Number of Loans Repurchased			4	7
Mortgage Loans on Real Estate	13,800,000		13,800,000		13,800,000	13,800,000
Allowance for Loan and Lease Losses, Real Estate	4,300,000		4,300,000		4,300,000	4,300,000
Mortgage Loans on Real Estate, Write-down or Reserve, Amount			400,000	100,000
Insurance and Litigation Accruals	53,600,000		53,600,000		53,600,000	53,600,000	55,800,000
Other Restructuring Costs				600,000
Restructuring Charges				561,000	48,700,000
Severance Costs					30,700,000
Business Exit Costs					13,700,000
Restructuring Charges, Property and Equipment Disposals					$ 4,300,000

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Note 16 - Mortgage Credit Facility

6 Months Ended

Jun. 30, 2012

Disclosure Of Warehouse Agreement Borrowings [Text Block]

16.       Mortgage Credit Facility

At June 30, 2012, we had $44.4 million outstanding under our mortgage financing subsidiary’s mortgage credit facility, a $50 million repurchase facility.  This facility requires Standard Pacific Mortgage to maintain a cash collateral account, which totaled $1.3 million as of June 30, 2012, and also contains financial covenants which require Standard Pacific Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of June 30, 2012, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in this facility.

In July 2012, Standard Pacific Mortgage renewed the $50 million repurchase facility, increasing the overall facility commitment amount to $75 million, and extended its maturity date to July 3, 2013.

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Note 17 - Disclosures about Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

Fair Value Measurements at Reporting Date Using

Description

As of June 30, 2012

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

(Dollars in thousands)

Mortgage loans held for sale

$

73,011

$

―

$

73,011

$

―

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

		June 30, 2012				December 31, 2011
Description	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
				(Dollars in thousands)
Financial services assets:
Mortgage loans held for investment, net	Level 2	$	9,522	$	9,522	$	10,115	$	10,115
Homebuilding liabilities:
Senior notes payable, net	Level 2	$	1,276,258	$	1,417,426	$	1,275,093	$	1,243,209
Senior subordinated notes payable, net	Level 2	$	38,490	$	41,926	$	46,324	$	50,793

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Note 18 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Text Block]

18.       Commitments and Contingencies

a.     Land Purchase and Option Agreements

We are subject to obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require a cash deposit or delivery of a letter of credit, and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements.  We also utilize option contracts with land sellers and third-party financial entities as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources.  Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices.  We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices.  Also, in a few instances where we have entered into option contracts with third party financial entities, we have generally entered into construction agreements that do not terminate if we elect not to exercise our option.  In these instances, we are generally obligated to complete land development improvements on the optioned property at a predetermined cost (paid by the option provider) and are responsible for all cost overruns.  At June 30, 2012, we had no option contracts outstanding with third party financial entities.  In some instances, we may also expend funds for due diligence, development and construction activities with respect to our land purchase and option contracts prior to purchase, which we would have to write off should we not purchase the land.  At June 30, 2012, we had non-refundable cash deposits outstanding of approximately $23.1 million and capitalized preacquisition and other development and construction costs of approximately $11.0 million relating to land purchase and option contracts having a total remaining purchase price of approximately $218.2 million.  Approximately $60.9 million of the remaining purchase price is included in inventories not owned in the accompanying condensed consolidated balance sheets.

Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences.  Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.

b.    Land Development and Homebuilding Joint Ventures

Our joint ventures have historically obtained secured acquisition, development and construction financing designed to reduce the use of funds from corporate financing sources.  As of June 30, 2012, we held membership interests in 19 homebuilding and land development joint ventures, of which eight were active and 11 were inactive or winding down.  As of such date, our joint ventures had no project specific financing outstanding.  In addition, as of June 30, 2012, our joint ventures had $3.4 million of surety bonds outstanding subject to indemnity arrangements by us and had an estimated $0.8 million remaining in cost to complete.

c.    Surety Bonds

We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects.  At June 30, 2012, we had approximately $192.0 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $84.2 million remaining in cost to complete.

d.     Mortgage Loans and Commitments

We commit to making mortgage loans to our homebuyers through our mortgage financing subsidiary, Standard Pacific Mortgage.  Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market and finances these loans under its mortgage credit facility for a short period of time (typically for 30 to 45 days), as investors complete their administrative review of applicable loan documents.  Mortgage loans in process for which interest rates were committed to borrowers totaled approximately $53.9 million at June 30, 2012 and carried a weighted average interest rate of approximately 3.7%.  Interest rate risks related to these obligations are mitigated through the preselling of loans to investors.  As of June 30, 2012, Standard Pacific Mortgage had approximately $70.6 million in closed mortgage loans held for sale and $55.7 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and completion of the investors’ administrative review of the applicable loan documents.

Standard Pacific Mortgage sells substantially all of the loans it originates in the secondary mortgage market, with servicing rights released on a non-recourse basis.  This sale is subject to Standard Pacific Mortgage’s obligation to repay its gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase the loan if, among other things, the purchaser’s underwriting guidelines are not met, or there is fraud in connection with the loan.  As of June 30, 2012, we had incurred an aggregate of $9.1 million in losses related to loan repurchases and make-whole payments we had been required to make on the $6.8 billion total dollar value of the loans we originated from the beginning of 2004 through the second quarter of 2012.  During the three months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans sold of $0.3 million and $1.4 million, respectively, and during the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans sold of $0.6 million and $2.6 million, respectively.  As of June 30, 2012, Standard Pacific Mortgage had repurchase reserves related to loans sold of approximately $3.0 million.  In addition, during the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage made make-whole payments totaling approximately $0.6 million related to four loans and $1.0 million related to seven loans, respectively.

Mortgage loans held for investment are continually evaluated for collectability and, if appropriate, specific reserves are established based on estimates of collateral value.  As of June 30, 2012, Standard Pacific Mortgage had $13.8 million of loans held for investment that had a loan loss reserve of approximately $4.3 million.  During the six months ended June 30, 2012 and 2011, Standard Pacific Mortgage recorded loan loss reserves related to loans held for investment of $0.4 million and $0.1 million, respectively.

e.     Insurance and Litigation Accruals

Insurance and litigation accruals are established with respect to estimated future claims cost.  We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related claims.  We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations.  However, such indemnity is significantly limited with respect to subcontractors added to our general liability insurance policy.  We record reserves to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities.  Our total insurance and litigation accruals as of June 30, 2012 and December 31, 2011 were $53.6 million and $55.8 million, respectively, which are included in accrued liabilities in the accompanying condensed consolidated balance sheets.  Estimation of these accruals include consideration of our claims history, including current claims, estimates of claims incurred but not yet reported, and potential for recovery of costs from insurance and other sources.  We utilize the services of an independent third party actuary to assist us with evaluating the level of our insurance and litigation accruals.  Because of the high degree of judgment required in determining these estimated accrual amounts, actual future claim costs could differ from our currently estimated amounts.

f.     Restructuring Costs

During 2008 we initiated a restructuring plan designed to reduce ongoing overhead costs and improve operating efficiencies through the consolidation of selected divisional offices, the disposal of related property and equipment, and a reduction in our workforce as a result of our operations having been impacted by weak housing demand in substantially all of our markets.  During the six months ended June 30, 2011, we recorded $0.6 million of homebuilding restructuring charges, which are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations, related to employee severance costs incurred in connection with further adjusting our workforce to align with lower sales volume. We did not incur any restructuring charges in the six months ended June 30, 2012.  The total amount of restructuring charges incurred from January 1, 2008 through June 30, 2012 was $48.7 million, of which $30.7 million related to employee severance costs, $13.7 million related to lease termination and other exit costs and $4.3 million related to property and equipment disposals.  We believe that our restructuring activities are substantially complete as of June 30, 2012.

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Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Detail) - Supplemental Disclosures of Cash Flows Information (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash paid during the period for:
Interest	$ 59,666	$ 42,328
Income taxes	$ 175	$ 31

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Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Accounting [Text Block]

1.       Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Standard Pacific Corp., without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q.  Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) has been omitted pursuant to applicable rules and regulations.  In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2012 and the results of operations and cash flows for the periods presented.  Pursuant to ASC Topic 855, Subsequent Events, we have evaluated subsequent events through the date that the accompanying condensed consolidated financial statements were issued for the period ended June 30, 2012.

Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation.

The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011.  Unless the context otherwise requires, the terms “we,” “us,” “our” and “the Company” refer to Standard Pacific Corp. and its subsidiaries.  The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net income (loss)	$ 14,263	$ (10,519)	$ 22,786	$ (25,316)
Other comprehensive income, net of tax:
Unrealized gain on interest rate swaps	1,596	1,596	3,192	3,175
Comprehensive income (loss)	$ 15,859	$ (8,923)	$ 25,978	$ (22,141)

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Note 11 - Revolving Credit Facility and Letter of Credit Facilities

6 Months Ended

Jun. 30, 2012

Line Of Credit Facility [Text Block]

11.       Revolving Credit Facility and Letter of Credit Facilities

As of June 30, 2012, we were party to a $210 million unsecured revolving credit facility with a bank group (the “Revolving Facility”).  The Revolving Facility matures in February 2014 and has an accordion feature under which the aggregate commitment may be increased up to $400 million, subject to the availability of additional bank commitments and certain other conditions.  The Revolving Facility contains financial covenants, including, but not limited to, (i) a minimum consolidated tangible net worth covenant; (ii) a covenant to maintain either (a) a minimum liquidity level or (b) a minimum interest coverage ratio; (iii) a maximum net homebuilding leverage ratio and (iv) a maximum land not under development to tangible net worth ratio.  This facility also contains a borrowing base provision, which limits the amount we may borrow or keep outstanding under the facility, and also contains a limitation on our investments in joint ventures.  Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options.  As of the date hereof, we satisfied the conditions that would allow us to borrow up to $203.5 million under the facility and had no amounts outstanding.

As of June 30, 2012, we were party to two committed letter of credit facilities totaling $11 million, of which $7.2 million was outstanding.  In addition, as of such date, we also had a $30 million uncommitted letter of credit facility, of which $17.4 million was outstanding.  These facilities require cash collateralization and have maturity dates ranging from October 2012 to November 2013.  As of June 30, 2012 these facilities were secured by cash collateral deposits of $25.0 million.  Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.

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Document And Entity Information	6 Months Ended
	Jun. 30, 2012	Jul. 26, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	STANDARD PACIFIC CORP /DE/
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		200,078,947
Amendment Flag	false
Entity Central Index Key	0000878560
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

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Note 12 - Secured Project Debt and Other Notes Payable

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Text Block]

12.       Secured Project Debt and Other Notes Payable

Our secured project debt and other notes payable consist of community development district and similar assessment district bond financings used to finance land development and infrastructure costs for which we are responsible.  At June 30, 2012, we had approximately $4.9 million outstanding in secured project debt and other notes payable.   

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and equivalents	$ 298,882	$ 410,522
Investments in unconsolidated joint ventures	85,465	81,807
Total Assets	2,242,321	2,200,383
LIABILITIES AND EQUITY
Total Liabilities	1,585,697	1,576,629
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 450,829 shares issued and outstanding at June 30, 2012 and December 31, 2011	5	5
Common stock, $0.01 par value; 600,000,000 shares authorized; 199,933,447 and 198,563,273 shares issued and outstanding at June 30, 2012 andDecember 31, 2011, respectively	1,999	1,985
Additional paid-in capital	1,246,058	1,239,180
Accumulated deficit	(585,983)	(608,769)
Accumulated other comprehensive loss, net of tax.	(5,455)	(8,647)
Total Equity	656,624	623,754
Total Liabilities and Equity	2,242,321	2,200,383
Homebuilding [Member]
ASSETS
Cash and equivalents	292,107	406,785
Restricted cash	25,135	31,372
Trade and other receivables	18,987	11,525
Inventories - Owned	1,605,138	1,477,239
Inventories - Not owned	86,434	59,840
Investments in unconsolidated joint ventures	85,465	81,807
Deferred income taxes, net of valuation allowance of $499,701 and $510,621 at June 30, 2012 and December 31, 2011, respectively	3,360	5,326
Other assets	34,825	35,693
Total Assets	2,151,451	2,109,587
LIABILITIES AND EQUITY
Accounts payable	16,376	17,829
Accrued liabilities	203,387	185,890
Secured project debt and other notes payable	4,934	3,531
Senior notes payable	1,276,258	1,275,093
Senior subordinated notes payable	38,490	46,324
Total Liabilities	1,539,445	1,528,667
Financial Services [Member]
ASSETS
Cash and equivalents	6,775	3,737
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	70,091	73,811
Mortgage loans held for investment, net	9,522	10,115
Other assets	3,187	1,838
Total Assets	90,870	90,796
LIABILITIES AND EQUITY
Accounts payable and other liabilities	1,825	1,154
Mortgage credit facilities	44,427	46,808
Total Liabilities	$ 46,252	$ 47,962

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Note 6 - Restricted Cash

6 Months Ended

Jun. 30, 2012

Restricted Cash And Cash Equivalents [Text Block]

6.       Restricted Cash

At June 30, 2012, restricted cash included $26.4 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued and a portion related to our financial services subsidiary mortgage credit facilities ($25.1 million of homebuilding restricted cash and $1.3 million of financial services restricted cash).

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Note 5 - Stock-Based Compensation

6 Months Ended

Jun. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.       Stock-Based Compensation

We account for share-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation, which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period.  Stock-based compensation awards are valued at the fair value on the date of grant.

During the six months ended June 30, 2012, we issued 462,119 shares of common stock to our officers and key employees, 49,552 shares of common stock to our independent directors (excluding directors appointed by MP CA Homes LLC (“MatlinPatterson”) who did not receive any stock awards) and 7,610 shares to all employees in connection with a companywide stock grant.  Additionally, in connection with the Company’s 2012 incentive compensation program, on April 2, 2012 (“issuance date”) the Compensation Committee of our Board of Directors granted long-term equity awards to executive officers and certain key employees of the Company.  The grant consisted of the following awards:

• Restricted Stock – 356,725 shares of restricted common stock vesting in three equal installments on each of the first three anniversaries of the issuance date;

• Capped Stock Appreciation Rights (“SAR”) – 3,374,779 capped common stock appreciation rights with a grant price equal to the closing price of the Company’s common stock ($4.29) on the issuance date, vesting in three equal installments on each of the first three anniversaries of the issuance date (the "grant price"), and with the value per share of the award capped at the difference between twelve dollars ($12) and the grant price; and

• Performance Share Awards – 405,012 target performance share awards with payouts at 1-4 times the target number of shares of common stock based on the Company’s actual earnings per share for the year ended December 31, 2014.

On April 2, 2012 the Compensation Committee of our Board of Directors also provided a one-time grant of 2,700,000 market based capped stock appreciation rights ("Market Based SAR") to 12 senior executives.  These market based grants have a five year term and vest in three equal tranches only if the Company’s common stock closing price reaches eight ($8), nine ($9) and ten ($10) dollars, respectively, for twenty consecutive trading days.  The value per share of the award is capped at the difference between twelve dollars ($12) and the grant price.

Total compensation expense recognized related to stock-based compensation was $1.9 million and $3.5 million for the three months ended June 30, 2012 and 2011, respectively.  For the six months ended June 30, 2012 and 2011, we recognized stock-based compensation expense of $3.0 million and $5.5 million, respectively.  As of June 30, 2012, total unrecognized stock-based compensation expense was $9.4 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 2.2 years.

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Note 17 - Disclosures about Fair Value

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Text Block]

17.       Disclosures about Fair Value

ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a framework for measuring fair value, expands disclosures regarding fair value measurements and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  Further, ASC 820 requires us to maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The three levels of the hierarchy are as follows:

•      Level 1 – quoted prices for identical assets or liabilities in active markets;

•      Level 2 – quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•      Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Mortgage loans held for sale have been measured at fair value in accordance with ASC 820 for the three months ended June 30, 2012:

Fair Value Measurements at Reporting Date Using

Description

As of June 30, 2012

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

(Dollars in thousands)

Mortgage loans held for sale

$

73,011

$

―

$

73,011

$

―

Mortgage loans held for saleconsist of FHA, VA, USDA and agency first mortgages on single-family residences which are eligible for sale to FNMA/FHLMC, GNMA or other investors, as applicable.  Fair values of these loans are based on quoted prices from third party investors when preselling loans.

The following table presents the carrying values and estimated fair values of our other financial instruments for which we have not elected the fair value option in accordance with ASC Topic 825, Financial Instruments:

		June 30, 2012				December 31, 2011
Description	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
				(Dollars in thousands)
Financial services assets:
Mortgage loans held for investment, net	Level 2	$	9,522	$	9,522	$	10,115	$	10,115
Homebuilding liabilities:
Senior notes payable, net	Level 2	$	1,276,258	$	1,417,426	$	1,275,093	$	1,243,209
Senior subordinated notes payable, net	Level 2	$	38,490	$	41,926	$	46,324	$	50,793

Mortgage Loans Held for Investment – Fair value of these loans is based on the estimated market value of the underlying collateral based on market data and other factors for similar type properties as further adjusted to reflect their estimated net realizable value of carrying the loans through disposition.

Senior and Senior Subordinated Notes Payable – The senior and senior subordinated notes are traded over the counter and their fair values were estimated based upon the values of their last trade at the end of the period.

The fair value of our cash and equivalents, restricted cash, accounts receivable, trade accounts payable, secured project debt and other notes payable, mortgage credit facilities and other liabilities approximate their carrying amounts due to the short-term nature of these assets and liabilities.

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Note 13 - Senior and Senior Subordinated Notes Payable

6 Months Ended

Jun. 30, 2012

Long-term Debt [Text Block]

13.       Senior and Senior Subordinated Notes Payable

Senior notes payable consisted of the following at:

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
6.25% Senior Notes due April 2014	$	4,971	$	4,971
7% Senior Notes due August 2015		29,789		29,789
10.75% Senior Notes due September 2016, net of discount		264,352		262,968
8.375% Senior Notes due May 2018, net of premium		580,184		580,523
8.375% Senior Notes due January 2021, net of discount		396,962		396,842
	$	1,276,258	$	1,275,093

Senior subordinated notes payable consisted of the following at:

		June 30, 2012		December 31, 2011
	(Dollars in thousands)
6% Convertible Senior Subordinated Notes due October 2012, net of discount		$	38,490	$	36,339
9.25% Senior Subordinated Notes due April 2012, net of discount			-		9,985
		$	38,490	$	46,324

The senior notes payable described above are all senior obligations and rank equally with our other existing senior indebtedness and are redeemable at our option, in whole or in part, pursuant to a “make whole” formula. These senior notes contain various restrictive covenants, including, with respect to the 10.75% Senior Notes due 2016, a limitation on additional indebtedness and a limitation on restricted payments.  Under the limitation on additional indebtedness, we are permitted to incur specified categories of indebtedness but are prohibited, aside from those exceptions, from incurring further indebtedness if we do not satisfy either a maximum leverage condition or a minimum interest coverage condition.  Under the limitation on restricted payments, we are also prohibited from making restricted payments (which include dividends, and investments in and advances to our joint ventures and other unrestricted subsidiaries), if we do not satisfy either condition.  Our ability to make restricted payments is also subject to a basket limitation.  As of June 30, 2012, we were able to satisfy the conditions necessary to incur additional indebtedness and to make restricted payments.  In addition, if we were unable to satisfy either the leverage condition or interest coverage condition, restricted payments could be made from our unrestricted subsidiaries.  As of June 30, 2012, we had approximately $274.5 million of cash available in our unrestricted subsidiaries.  Many of our wholly owned direct and indirect subsidiaries (collectively, the “Guarantor Subsidiaries”) guaranty our outstanding senior notes and our senior subordinated notes. The guarantees are full and unconditional, and joint and several.  Please see Note 21 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

Certain provisions of ASC Topic 470, Debt, require bifurcation of a component of convertible debt instruments, classification of that component in stockholders’ equity, and then accretion of the resulting discount on the debt to result in interest expense equal to the issuer’s nonconvertible debt borrowing rate.  Our Convertible Senior Subordinated Notes due 2012 (the “Convertible Notes”) are being accreted to their redemption value, approximately $39.6 million, over the remaining term of these notes.  The unamortized discount of the Convertible Notes, which was included in additional paid-in capital, was $1.1 million and $3.3 million at June 30, 2012 and December 31, 2011, respectively.  Interest capitalized to inventories owned is included in cost of sales as related homebuilding revenues are recognized (please see Note 8 “Capitalization of Interest”).

We repaid the remaining $10.0 million principal balance of our 9.25% Senior Subordinated Notes upon maturity in April 2012.

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures

6 Months Ended

Jun. 30, 2012

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9.       Investments in Unconsolidated Land Development and Homebuilding Joint Ventures

The table set forth below summarizes the combined statements of operations for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Revenues	$	4,705		$	5,963		$	7,304		$	18,373
Cost of sales and expenses		(4,882	)		(5,302	)		(7,581	)		(15,766	)
Income (loss) of unconsolidated joint ventures	$	(177	)	$	661		$	(277	)	$	2,607
Loss from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	(1,146	)	$	(379	)	$	(2,668	)	$	(636	)

Loss from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of these unconsolidated land development and homebuilding joint ventures.  For the three and six months ended June 30, 2012 and 2011, loss from unconsolidated joint ventures was primarily attributable to our share of losses related to one Southern California land development joint venture, which were allocated based on the provisions of the underlying joint venture operating agreement.

During each of the six months ended June 30, 2012 and 2011, a total of six unconsolidated joint venture projects were reviewed for impairment, with certain joint ventures having multiple real estate projects.  Based on the impairment review, no joint venture projects were determined to be impaired for the six months ended June 30, 2012 and 2011.

The table set forth below summarizes the combined balance sheets for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method:

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Assets:
Cash	$	15,988	$	24,155
Inventories		247,162		230,571
Other assets		9,676		11,190
Total assets	$	272,826	$	265,916
Liabilities and Equity:
Accounts payable and accrued liabilities	$	19,608	$	21,190
Standard Pacific equity		77,670		77,259
Other members' equity		175,548		167,467
Total liabilities and equity	$	272,826	$	265,916
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$	85,465	$	81,807

In some cases our net investment in these unconsolidated joint ventures is not equal to our proportionate share of equity reflected in the table above primarily because of differences between asset impairments that we recorded against our joint venture investments and the impairments recorded by the applicable joint venture.  Our investments in unconsolidated joint ventures also included approximately $12.3 million and $9.1 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of June 30, 2012 and December 31, 2011, respectively, which capitalized interest is not included in the combined balance sheets above.

Our investments in these unconsolidated joint ventures may represent a variable interest in a VIE depending on, among other things, the economic interests of the members of the entity and the contractual terms of the arrangement.  We analyze all of our unconsolidated joint ventures under the provisions of ASC 810 to determine whether these entities are deemed to be VIEs, and if so, whether we are the primary beneficiary.  As of June 30, 2012, with the exception of one homebuilding joint venture, all of our homebuilding and land development joint ventures with unrelated parties were determined under the provisions of ASC 810 to be unconsolidated joint ventures because they were not deemed to be VIEs.  As of June 30, 2012, we held an interest in one homebuilding joint venture in Northern California that was deemed to be a VIE.  Our investment in this joint venture was approximately $5.8 million, which represents our maximum exposure to loss if we elect to forfeit our membership interest in this entity.  As of June 30, 2012, this joint venture owns approximately $8.4 million of assets, primarily representing real estate inventories, and has no debt outstanding.  We have determined that based on the voting rights with respect to major decisions, as defined in the underlying joint venture operating agreement, both members of this joint venture share equally in the power to direct the activities that most significantly impact the entity’s economic performance.  As a result, we are not required to consolidate this joint venture as neither member is deemed to be the primary beneficiary.

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Note 14 - Preferred Stock (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Wеightеd Avеragе Additional Common Sharеs Outstanding If Prеfеrrеd Sharеs Convеrtеd To Common Sharеs	147,812,786	147,812,786	147,812,786	147,812,786
Amount Used as Numerator in Calculating Conversion Shares (in Dollars)	$ 1,000		$ 1,000
Convertible Preferred Stock, Conversion Price (in Dollars per share)	$ 3.05		$ 3.05
Voting Power Limit	49.00%		49.00%
Common Stock, Shares, Outstanding	199,933,447		199,933,447		198,563,273
Outstanding Common Stock and Preferred Stock Ownership Percentage	68.00%		68.00%
Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding	450,829	450,829	450,829	450,829	450,829
Owned by MatlinPatterson [Member]
Common Stock, Shares, Outstanding	89,400,000		89,400,000

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Note 7 - Inventories

6 Months Ended

Jun. 30, 2012

Inventory Disclosure [Text Block]

7.       Inventories

a. Inventories Owned

Inventories owned consisted of the following at:

	June 30, 2012
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	583,684	$	255,519	$	248,006	$	1,087,209
Homes completed and under construction		247,259		67,510		88,131		402,900
Model homes		83,690		14,196		17,143		115,029
Total inventories owned	$	914,633	$	337,225	$	353,280	$	1,605,138

	December 31, 2011
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	614,668	$	221,481	$	200,680	$	1,036,829
Homes completed and under construction		205,515		67,200		67,134		339,849
Model homes		70,117		14,005		16,439		100,561
Total inventories owned	$	890,300	$	302,686	$	284,253	$	1,477,239

In accordance with ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), we record impairment losses on inventories when events and circumstances indicate that they may be impaired, and the future undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts.  Inventories that are determined to be impaired are written down to their estimated fair value.  We calculate the fair value of a project under a land residual value analysis and in certain cases in conjunction with a discounted cash flow analysis.  During the six months ended June 30, 2012 and 2011, the total number of projects included in inventories-owned and reviewed for impairment were 264 and 251, respectively.  Based on the impairment review, we did not record any inventory impairments during the three and six months ended June 30, 2012, and recorded $6.0 million of inventory impairments during the three and six months ended June 30, 2011.

b. Inventories Not Owned

Inventories not owned consisted of the following at:

	June 30, 2012		December 31, 2011
	(Dollars in thousands)
Land purchase and lot option deposits	$	25,559	$	24,379
Other lot option contracts, net of deposits		60,875		35,461
Total inventories not owned	$	86,434	$	59,840

Under ASC Topic 810, Consolidation (“ASC 810”), a non-refundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur.  Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property.  In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown.  Such costs are classified as inventories owned, which we would have to write off should we not exercise the option.  Therefore, whenever we enter into a land option or purchase contract with an entity and make a non-refundable deposit, a variable interest entity (“VIE”) may have been created.  As of June 30, 2012, we were not required to consolidate any VIEs.  In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE.  Other lot option contracts noted in the table above represent specific performance obligations where the land option contract contains a binding obligation requiring us to complete the lot purchases.

We incurred pretax charges of $0.1 million related to deposit write-offs for the six months ended June 30, 2012.  These charges related to our Southeast reportable segment and were included in other income (expense) in the accompanying condensed consolidated statements of operations.  We did not record any deposit write-offs during the six months ended June 30, 2011.We continue to evaluate the terms of open land option and purchase contracts and may write-off option deposits in the future, particularly in those instances where land sellers are unwilling to renegotiate significant contract terms.  

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Note 8 - Capitalization of Interest

6 Months Ended

Jun. 30, 2012

Home Building Interest [Text Block]

8.       Capitalization of Interest

We follow the practice of capitalizing interest to inventories owned during the period of development and to investments in unconsolidated homebuilding and land development joint ventures in accordance with ASC Topic 835, Interest (“ASC 835”).  Homebuilding interest capitalized as a cost of inventories owned is included in cost of sales as related units or lots are sold.  Interest capitalized to investments in unconsolidated homebuilding and land development joint ventures is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. Interest capitalized to investments in unconsolidated land development joint ventures is transferred to inventories owned if the underlying lots are purchased by us.  To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us.  Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures accounted for under the equity method.  For the three months ended June 30, 2012 and 2011, we expensed $1.6 million and $7.4 million, respectively, of interest costs related to the portion of our debt in excess of our qualified assets in accordance with ASC 835.   For the six months ended June 30, 2012 and 2011, we expensed $4.1 million and $18.0 million, respectively, of interest costs in accordance with ASC 835.

The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and loss from unconsolidated joint ventures and expensed as interest expense, for the three and six months ended June 30, 2012 and 2011:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Total interest incurred (1)	$	35,305		$	35,353		$	70,620		$	70,207
Less: Interest capitalized to inventories owned		(31,876	)		(26,186	)		(62,868	)		(48,896	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(1,812	)		(1,723	)		(3,605	)		(3,352	)
Interest expense	$	1,617		$	7,444		$	4,147		$	17,959
Interest previously capitalized to inventories owned, included in cost of home sales	$	24,465		$	16,108		$	43,021		$	27,088
Interest previously capitalized to inventories owned, included in cost of land sales	$	―		$	38		$	19		$	38
Interest previously capitalized to investments in unconsolidated joint ventures, included in loss from unconsolidated joint ventures	$	231		$	121		$	435		$	258
Interest capitalized in ending inventories owned	$	208,354		$	169,705		$	208,354		$	169,705
Interest capitalized as a percentage of inventories owned		13.0	%		12.3	%		13.0	%		12.3	%
Interest capitalized in ending investments in unconsolidated joint ventures	$	12,281		$	7,571		$	12,281		$	7,571
Interest capitalized as a percentage of investments in unconsolidated joint ventures		14.4	%		9.2	%		14.4	%		9.2	%

(1) For the three and six months ended June 30, 2012, interest incurred included the noncash amortization of $2.6 million and $5.2 million, respectively, of interest related to the Term Loan B swap that was unwound in the 2010 fourth quarter (please see Note 15 “Derivative Instruments and Hedging Activities”).  For the three and six months ended June 30, 2011, interest incurred included the noncash amortization of $2.6 million and $5.1 million, respectively, of interest related to the Term Loan B swap.

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Note 10 - Warranty Costs

6 Months Ended

Jun. 30, 2012

Product Warranty Disclosure [Text Block]

10.       Warranty Costs

Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized.  Amounts accrued are based upon historical experience rates.  Indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred.  We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary.  Our warranty accrual is included in accrued liabilities in the accompanying condensed consolidated balance sheets.  Changes in our warranty accrual are detailed in the table set forth below:

		Six Months Ended June 30,
		2012			2011
	(Dollars in thousands)
Warranty accrual, beginning of the period		$	17,572		$	20,866
Warranty costs accrued during the period			656			1,432
Warranty costs paid during the period			(1,635	)		(1,660	)
Warranty accrual, end of the period		$	16,593		$	20,638

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Note 17 - Disclosures about Fair Value (Detail) - Carrying Values and Estimated Fair Value of Other Financial Instruments (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for investment, net	$ 9,522	$ 10,115
Mortgage loans held for investment, net	9,522	10,115
Financial Services [Member]
Mortgage loans held for investment, net	9,522	10,115
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Senior notes payable, net	1,276,258	1,275,093
Senior notes payable, net	1,417,426	1,243,209
Senior subordinated notes payable, net	38,490	46,324
Senior subordinated notes payable, net	41,926	50,793
Homebuilding [Member]
Senior notes payable, net	1,276,258	1,275,093
Senior subordinated notes payable, net	$ 38,490	$ 46,324

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Note 19 - Income Taxes (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Homebuilding [Member]	Dec. 31, 2011 Homebuilding [Member]	Jun. 30, 2012 Subject to Section 382 Limitations [Member]	Jun. 30, 2012 Subject to Unrealized Built-in Loss Limitations [Member]	Jun. 30, 2012 Subject to Federal and State Net Operating Loss Carryforward Limitations [Member]	Jun. 30, 2012 Not Limited by Section 382 [Member]
Deferred Tax Assets, Gross	$ 499,700,000	$ 499,700,000		$ 503,061,000	$ 515,947,000	$ 254,000,000	$ 107,000,000	$ 147,000,000
Deferred Tax Asset Related to Terminated Interest Rate Swap	3,400,000	3,400,000
Valuation Allowance, Deferred Tax Asset, Change in Amount	5,700,000	9,200,000
Deferred Tax Assets, Valuation Allowance				499,701,000	510,621,000
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards	15,600,000	15,600,000
Deferred Tax Asset, Reduction Related to Built-In Loss		1,800,000	2,900,000
Deferred Tax Assets, Operating Loss Carryforwards								147,000,000	121,000,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Before Tax								359,000,000	264,000,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Before Tax								373,000,000	459,000,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 13,500,000	$ 13,500,000

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Note 17 - Disclosures about Fair Value (Detail) - Fair Value of Mortgage Loans (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Mortgage loans held for sale	$ 73,011
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for sale	$ 73,011

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Note 10 - Warranty Costs (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Accrued Liabilities [Table Text Block]

		Six Months Ended June 30,
		2012			2011
	(Dollars in thousands)
Warranty accrual, beginning of the period		$	17,572		$	20,866
Warranty costs accrued during the period			656			1,432
Warranty costs paid during the period			(1,635	)		(1,660	)
Warranty accrual, end of the period		$	16,593		$	20,638

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Number of Projects Reviewed for Impairment Included in Unconsolidated Joint Ventures	6	6
Interest capitalized in ending investments in unconsolidated joint ventures	$ 12,281,000	$ 7,571,000	$ 9,100,000
Number of Joint Ventures Deemed to Be Variable Interest Entity	1
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	5,800,000
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 8,400,000

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Note 15 - Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Text Block]

15.       Derivative Instruments and Hedging Activities

We account for derivatives and certain hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”).  ASC 815 establishes the accounting and reporting standards requiring that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded as either assets or liabilities in the consolidated balance sheets and to measure these instruments at fair market value. Gains and losses resulting from changes in the fair market value of derivatives are recognized in the consolidated statement of operations or recorded in accumulated other comprehensive income (loss), net of tax, and recognized in the consolidated statement of operations when the hedged item affects earnings, depending on the purpose of the derivative and whether the derivative qualifies for hedge accounting treatment.

Our policy is to designate at a derivative’s inception the specific assets, liabilities or future commitments being hedged and monitor the derivative to determine if the derivative remains an effective hedge. The effectiveness of a derivative as a hedge is based on a high correlation between changes in the derivative’s value and changes in the value of the underlying hedged item.  We recognize gains or losses for amounts received or paid when the underlying transaction settles.  We do not enter into or hold derivatives for trading or speculative purposes.

 In May 2006, we entered into two interest rate swap agreements related to our Term Loan B with an aggregate notional amount of $250 million that effectively fixed our 3-month LIBOR rates for our then outstanding term loan through its maturity date of May 2013.  The swap agreements were designated as cash flow hedges and, accordingly, were reflected at their fair market value in accrued liabilities in our consolidated balance sheets.  To the extent the swaps were deemed effective and qualified for hedge accounting treatment, the related gain or loss was deferred, net of tax, in stockholders’ equity as accumulated other comprehensive income (loss).

In December 2010, we repaid in full the remaining $225 million balance of our Term Loan B and made a $24.5 million payment to terminate the related interest rate swap agreements.  As a result, we have no payment obligation remaining related to interest rate swap agreements.  The $24.5 million cost associated with the early unwind of the interest rate swap agreements is being amortized over a period of approximately 2.3 years (or May 2013), the original maturity date of the terminated instruments.  As of June 30, 2012, the remaining unamortized balance of $5.5 million is included in accumulated other comprehensive loss, net of tax, and $3.4 million is included in deferred income taxes in the accompanying condensed consolidated balance sheets.  For each of the three months ended June 30, 2012 and 2011, we recorded after-tax other comprehensive income of $1.6 million related to the swap agreements.

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Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows

6 Months Ended

Jun. 30, 2012

Cash Flow, Supplemental Disclosures [Text Block]

20.       Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows

The following are supplemental disclosures to the condensed consolidated statements of cash flows:

	Six Months Ended June 30,
		2012		2011
	(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest		$	59,666	$	42,328
Income taxes		$	175	$	31

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Note 8 - Capitalization of Interest (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Interest Expense, Other	$ 1.6	$ 7.4	$ 4.1	$ 18.0
Term Loan B Non Cash Interest Amortization	$ 2.6	$ 2.6	$ 5.2	$ 5.1

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Note 3 - Segment Reporting (Detail) - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Assets	$ 2,242,321	$ 2,200,383
Investments in unconsolidated joint ventures	85,465	81,807
Homebuilding: California [Member]
Assets	1,059,857	985,560
Investments in unconsolidated joint ventures	81,128	76,999
Homebuilding: Southwest [Member]
Assets	378,258	355,060
Investments in unconsolidated joint ventures	2,758	2,770
Homebuilding: Southeast [Member]
Assets	368,622	294,996
Investments in unconsolidated joint ventures	1,579	2,038
Homebuilding: Corporate [Member]
Assets	344,714	473,971
Homebuilding [Member]
Assets	2,151,451	2,109,587
Investments in unconsolidated joint ventures	$ 85,465	$ 81,807

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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Preferred stock, Par value (in Dollars per share)	0.01	0.01
Preferred stock, Shares authorized (in Shares)	10,000,000	10,000,000
Common stock, Par value (in Dollars per share)	0.01	0.01
Common stock, Shares authorized (in Shares)	600,000,000	600,000,000
Common stock, Shares issued (in Shares)	199,933,447	198,563,273
Common stock, Shares outstanding (in Shares)	199,933,447	198,563,273
Homebuilding [Member]
Deferred income taxes, valuation allowance (in Dollars)	499,701	510,621
Series B Preferred Stock [Member]
Preferred stock, Shares issued (in Shares)	450,829	450,829
Preferred stock, Shares outstanding (in Shares)	450,829	450,829

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Note 4 - Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

4.       Earnings (Loss) Per Common Share

We compute earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings (loss) per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method.  The two-class method is an allocation of earnings (loss) between the holders of common stock and a company's participating security holders.  Under the two-class method, earnings (loss) for the reporting period are allocated between common shareholders and other security holders based on their respective participation rights in undistributed earnings.  Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method.

Basic earnings (loss) per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock outstanding.  Our Series B junior participating convertible preferred stock (“Series B Preferred Stock”), which is convertible into shares of our common stock at the holder’s option (subject to a limitation based upon voting interest), and our unvested restricted stock, are classified as participating securities in accordance with ASC 260.  Net income (loss) allocated to the holders of our Series B Preferred Stock and unvested restricted stock is calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis.

For purposes of determining diluted earnings (loss) per common share, basic earnings (loss) per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options, stock appreciation rights, performance share awards and unvested restricted stock using the more dilutive of either the two-class method or the treasury stock method, and convertible debt using the if-converted method.  For the three and six months ended June 30, 2011, all dilutive securities were excluded from the calculation as they were anti-dilutive as a result of the net loss for these respective periods.  Shares outstanding under the share lending facility are not treated as outstanding for earnings per share purposes in accordance with ASC 260, because the share borrower must return to us all borrowed shares (or identical shares) on or about October 1, 2012, or earlier in certain circumstances.  The following table sets forth the components used in the computation of basic and diluted earnings (loss) per common share.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands, except per share amounts)
Numerator:
Net income (loss)	$	14,263		$	(10,519	)	$	22,786		$	(25,316	)
Less: Net (income) loss allocated to preferred shareholder		(6,130	)		4,554			(9,807	)		10,968
Less: Net (income) loss allocated to unvested restricted stock		(15	)		―			(12	)		―
Net income (loss) available to common stockholders	$	8,118		$	(5,965	)	$	12,967		$	(14,348	)
Denominator:
Weighted average basic common shares outstanding		195,746,733			193,577,324			195,427,992			193,369,182
Stock options		5,593,889			―			5,136,047			―
Weighted average diluted common shares outstanding		201,340,622			193,577,324			200,564,039			193,369,182
Income (loss) per common share:
Basic	$	0.04		$	(0.03	)	$	0.07		$	(0.07	)
Diluted	$	0.04		$	(0.03	)	$	0.06		$	(0.07	)

As of June 30, 2012 and 2011, we had 450,829 shares of Series B Preferred Stock outstanding, which are convertible into 147.8 million shares of our common stock.  In accordance with ASC 260, assuming that all of the outstanding Series B Preferred Stock was converted to common stock, all net income (loss) would be allocated to common stock and unvested restricted stock in the computation of earnings (loss) per share.

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Note 13 - Senior and Senior Subordinated Notes Payable (Detail) - Senior Notes Payable (Homebuilding [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Senior Notes	$ 1,276,258	$ 1,275,093
6.25% Senior Notes due April 2014 [Member]
Senior Notes	4,971	4,971
7% Senior Notes due August 2015 [Member]
Senior Notes	29,789	29,789
10.75% Senior Notes due September 2016 [Member]
Senior Notes	264,352	262,968
8.375% Senior Notes due May 2018 [Member]
Senior Notes	580,184	580,523
8.375% Senior Notes due January 2021 [Member]
Senior Notes	$ 396,962	$ 396,842

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Note 21 - Supplemental Guarantor Information (Detail) - Condensed Consolidating Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues	$ 274,872	$ 204,345	$ 498,574	$ 348,044
Cost of sales	(218,586)	(169,547)	(397,547)	(283,859)
Gross margin	56,286	34,798	101,027	64,185
Selling, general and administrative expenses	(41,952)	(38,443)	(79,644)	(70,704)
Income (loss) from unconsolidated joint ventures	(1,146)	(379)	(2,668)	(636)
Interest expense	(1,617)	(7,444)	(4,147)	(17,959)
Other income (expense)	307	977	4,591	1,269
Homebuilding pretax income (loss)	11,878	(10,491)	19,159	(23,845)
Financial services pretax income (loss)	2,574	147	4,003	(1,196)
Income (loss) before income taxes	14,452	(10,344)	23,162	(25,041)
(Provision) benefit for income taxes	(189)	(175)	(376)	(275)
Net income (loss)	14,263	(10,519)	22,786	(25,316)
Parent Company [Member]
Revenues	113,416	82,010	187,671	144,700
Cost of sales	(88,545)	(66,305)	(146,500)	(113,408)
Gross margin	24,871	15,705	41,171	31,292
Selling, general and administrative expenses	(19,145)	(20,145)	(36,367)	(37,755)
Income (loss) from unconsolidated joint ventures	(276)	92	(958)	70
Equity income (loss) of subsidiaries	2,867	(3,296)	4,785	(8,282)
Interest expense	4,383	(1,779)	7,739	(6,907)
Other income (expense)	(205)	477	3,808	394
Homebuilding pretax income (loss)	12,495	(8,946)	20,178	(21,188)
Financial services pretax income (loss)	(84)	(41)	(147)	(56)
Income (loss) before income taxes	12,411	(8,987)	20,031	(21,244)
(Provision) benefit for income taxes	1,852	(1,532)	2,755	(4,072)
Net income (loss)	14,263	(10,519)	22,786	(25,316)
Guarantor Subsidiaries [Member]
Revenues	141,476	110,863	266,365	185,895
Cost of sales	(113,620)	(93,676)	(213,923)	(156,780)
Gross margin	27,856	17,187	52,442	29,115
Selling, general and administrative expenses	(20,533)	(17,309)	(38,522)	(31,339)
Income (loss) from unconsolidated joint ventures	(91)	(10)	(119)	(36)
Interest expense	(4,343)	(5,151)	(8,584)	(10,032)
Other income (expense)	251	52	300	22
Homebuilding pretax income (loss)	3,140	(5,231)	5,517	(12,270)
Financial services pretax income (loss)	84	41	147	56
Income (loss) before income taxes	3,224	(5,190)	5,664	(12,214)
(Provision) benefit for income taxes	(1,225)	1,230	(1,982)	3,252
Net income (loss)	1,999	(3,960)	3,682	(8,962)
Non-Guarantor Subsidiaries [Member]
Revenues	19,980	11,472	44,538	17,449
Cost of sales	(16,421)	(9,566)	(37,124)	(13,671)
Gross margin	3,559	1,906	7,414	3,778
Selling, general and administrative expenses	(2,274)	(989)	(4,755)	(1,610)
Income (loss) from unconsolidated joint ventures	(779)	(461)	(1,591)	(670)
Interest expense	(1,657)	(514)	(3,302)	(1,020)
Other income (expense)	261	448	483	853
Homebuilding pretax income (loss)	(890)	390	(1,751)	1,331
Financial services pretax income (loss)	2,574	147	4,003	(1,196)
Income (loss) before income taxes	1,684	537	2,252	135
(Provision) benefit for income taxes	(816)	127	(1,149)	545
Net income (loss)	868	664	1,103	680
Consolidation, Eliminations [Member]
Equity income (loss) of subsidiaries	(2,867)	3,296	(4,785)	8,282
Homebuilding pretax income (loss)	(2,867)	3,296	(4,785)	8,282
Income (loss) before income taxes	(2,867)	3,296	(4,785)	8,282
Net income (loss)	$ (2,867)	$ 3,296	$ (4,785)	$ 8,282

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Note 21 - Supplemental Guarantor Information

6 Months Ended

Jun. 30, 2012

Supplemental Guarantor Information [Text Block]

21.       Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior and senior subordinated notes payable.  The guarantees are full and unconditional and joint and several.  Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)		―			(218,586	)
Gross margin		24,871			27,856			3,559			―			56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)		―			(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)		―			(1,146	)
Equity income (loss) of subsidiaries		2,867			―			―			(2,867	)		―
Interest expense		4,383			(4,343	)		(1,657	)		―			(1,617	)
Other income (expense)		(205	)		251			261			―			307
Homebuilding pretax income (loss)		12,495			3,140			(890	)		(2,867	)		11,878
Financial Services:
Financial services pretax income (loss)		(84	)		84			2,574			―			2,574
Income (loss) before income taxes		12,411			3,224			1,684			(2,867	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)		―			(189	)
Net income (loss)	$	14,263		$	1,999		$	868		$	(2,867	)	$	14,263

	Three Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	82,010		$	110,863		$	11,472		$	―	$	204,345
Cost of sales		(66,305	)		(93,676	)		(9,566	)		―		(169,547	)
Gross margin		15,705			17,187			1,906			―		34,798
Selling, general and administrative expenses		(20,145	)		(17,309	)		(989	)		―		(38,443	)
Income (loss) from unconsolidated joint ventures		92			(10	)		(461	)		―		(379	)
Equity income (loss) of subsidiaries		(3,296	)		―			―			3,296		―
Interest expense		(1,779	)		(5,151	)		(514	)		―		(7,444	)
Other income (expense)		477			52			448			―		977
Homebuilding pretax income (loss)		(8,946	)		(5,231	)		390			3,296		(10,491	)
Financial Services:
Financial services pretax income (loss)		(41	)		41			147			―		147
Income (loss) before income taxes		(8,987	)		(5,190	)		537			3,296		(10,344	)
(Provision) benefit for income taxes		(1,532	)		1,230			127			―		(175	)
Net income (loss	$	(10,519	)	$	(3,960	)	$	664		$	3,296	$	(10,519	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)		―			(397,547	)
Gross margin		41,171			52,442			7,414			―			101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)		―			(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)		―			(2,668	)
Equity income (loss) of subsidiaries		4,785			―			―			(4,785	)		―
Interest expense		7,739			(8,584	)		(3,302	)		―			(4,147	)
Other income (expense)		3,808			300			483			―			4,591
Homebuilding pretax income (loss)		20,178			5,517			(1,751	)		(4,785	)		19,159
Financial Services:
Financial services pretax income (loss)		(147	)		147			4,003			―			4,003
Income (loss) before income taxes		20,031			5,664			2,252			(4,785	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)		―			(376	)
Net income (loss)	$	22,786		$	3,682		$	1,103		$	(4,785	)	$	22,786

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	144,700		$	185,895		$	17,449		$	―	$	348,044
Cost of sales		(113,408	)		(156,780	)		(13,671	)		―		(283,859	)
Gross margin		31,292			29,115			3,778			―		64,185
Selling, general and administrative expenses		(37,755	)		(31,339	)		(1,610	)		―		(70,704	)
Income (loss) from unconsolidated joint ventures		70			(36	)		(670	)		―		(636	)
Equity income (loss) of subsidiaries		(8,282	)		―			―			8,282		―
Interest expense		(6,907	)		(10,032	)		(1,020	)		―		(17,959	)
Other income (expense)		394			22			853			―		1,269
Homebuilding pretax income (loss)		(21,188	)		(12,270	)		1,331			8,282		(23,845	)
Financial Services:
Financial services pretax income (loss)		(56	)		56			(1,196	)		―		(1,196	)
Income (loss) before income taxes		(21,244	)		(12,214	)		135			8,282		(25,041	)
(Provision) benefit for income taxes		(4,072	)		3,252			545			―		(275	)
Net income (loss)	$	(25,316	)	$	(8,962	)	$	680		$	8,282	$	(25,316	)

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	17,371	$	213	$	274,523	$	―		$	292,107
Restricted cash		―		―		25,135		―			25,135
Trade and other receivables		571,475		5,226		24,366		(582,080	)		18,987
Inventories - Owned		693,965		665,486		245,687		―			1,605,138
Inventories - Not owned		44,489		39,717		2,228		―			86,434
Investments in unconsolidated joint ventures		23,475		2,326		59,664		―			85,465
Investments in subsidiaries		698,281		―		―		(698,281	)		―
Deferred income taxes, net		3,212		―		―		148			3,360
Other assets		31,065		3,130		630		―			34,825
Total Homebuilding Assets		2,083,333		716,098		632,233		(1,280,213	)		2,151,451
Financial Services:
Cash and equivalents		―		―		6,775		―			6,775
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		70,091		―			70,091
Mortgage loans held for investment, net		―		―		9,522		―			9,522
Other assets		―		―		6,329		(3,142	)		3,187
Total Financial Services Assets		―		―		94,012		(3,142	)		90,870
Total Assets	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5,674	$	8,650	$	2,052	$	―		$	16,376
Accrued liabilities		106,287		433,219		226,525		(562,644	)		203,387
Secured project debt and other notes payable		―		―		4,934		―			4,934
Senior notes payable		1,276,258		―		―		―			1,276,258
Senior subordinated notes payable		38,490		―		―		―			38,490
Total Homebuilding Liabilities		1,426,709		441,869		233,511		(562,644	)		1,539,445
Financial Services:
Accounts payable and other liabilities		―		―		8,255		(6,430	)		1,825
Mortgage credit facilities		―		―		60,427		(16,000	)		44,427
Total Financial Services Liabilities		―		―		68,682		(22,430	)		46,252
Total Liabilities		1,426,709		441,869		302,193		(585,074	)		1,585,697
Equity:
Total Stockholders' Equity		656,624		274,229		424,052		(698,281	)		656,624
Total Liabilities and Equity	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2011
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	66,757	$	176	$	339,852	$	―		$	406,785
Restricted cash		―		―		31,372		―			31,372
Trade and other receivables		485,835		5,435		23,898		(503,643	)		11,525
Inventories - Owned		647,577		623,945		205,717		―			1,477,239
Inventories - Not owned		6,123		51,684		2,033		―			59,840
Investments in unconsolidated joint ventures		24,082		2,340		55,385		―			81,807
Investments in subsidiaries		766,496		―		―		(766,496	)		―
Deferred income taxes, net		5,178		―		―		148			5,326
Other assets		32,496		2,965		232		―			35,693
Total Homebuilding Assets		2,034,544		686,545		658,489		(1,269,991	)		2,109,587
Financial Services:
Cash and equivalents		―		―		3,737		―			3,737
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		73,811		―			73,811
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,901		(3,063	)		1,838
Total Financial Services Assets		―		―		93,859		(3,063	)		90,796
Total Assets	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	6,911	$	9,887	$	1,031	$	―		$	17,829
Accrued liabilities		82,462		406,111		181,082		(483,765	)		185,890
Secured project debt and other notes payable		―		―		3,531		―			3,531
Senior notes payable		1,275,093		―		―		―			1,275,093
Senior subordinated notes payable		46,324		―		―		―			46,324
Total Homebuilding Liabilities		1,410,790		415,998		185,644		(483,765	)		1,528,667
Financial Services:
Accounts payable and other liabilities		―		―		5,947		(4,793	)		1,154
Mortgage credit facilities		―		―		64,808		(18,000	)		46,808
Total Financial Services Liabilities		―		―		70,755		(22,793	)		47,962
Total Liabilities		1,410,790		415,998		256,399		(506,558	)		1,576,629
Equity:
Total Stockholders' Equity		623,754		270,547		495,949		(766,496	)		623,754
Total Liabilities and Equity	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries				Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(112,860	)	$	405			$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)			(6,459	)		―		(8,281	)
Distributions from unconsolidated homebuilding joint ventures		1,206			―				589			―		1,795
Other investing activities		(772	)		(263	)			(370	)		―		(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)			(6,240	)		―		(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―				6,237			―		6,237
Principal payments on secured project debt and other notes payable		―			―				(644	)		―		(644	)
Principal payments on senior subordinated notes payable		(9,990	)		―				―			―		(9,990	)
Net proceeds from (payments on) mortgage credit facilities		―			―				(2,381	)		―		(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000			―				(73,000	)		―		―
Proceeds from the exercise of stock options		1,747			―				―			―		1,747
Net cash provided by (used in) financing activities		64,757			―				(69,788	)		―		(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37				(62,291	)		―		(111,640	)
Cash and equivalents at beginning of period		66,757			176				343,589			―		410,522
Cash and equivalents at end of period	$	17,371		$	213			$	281,298		$	―	$	298,882

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(228,051	)	$	401		$	(4,463	)	$	―	$	(232,113	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(5,251	)		(97	)		(3,472	)		―		(8,820	)
Distributions from unconsolidated homebuilding joint ventures		―			―			49			―		49
Other investing activities		(860	)		(57	)		164			―		(753	)
Net cash provided by (used in) investing activities		(6,111	)		(154	)		(3,259	)		―		(9,524	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(5,576	)		―		(5,576	)
Principal payments on secured project debt and other notes payable		―			(218	)		(305	)		―		(523	)
Payment of debt issuance costs		(4,575	)		―			―			―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			4,529			―		4,529
Payment of common stock issuance costs		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		410			―			―			―		410
Net cash provided by (used in) financing activities		(4,489	)		(218	)		(1,352	)		―		(6,059	)
Net increase (decrease) in cash and equivalents		(238,651	)		29			(9,074	)		―		(247,696	)
Cash and equivalents at beginning of period		260,869			217			470,285			―		731,371
Cash and equivalents at end of period	$	22,218		$	246		$	461,211		$	―	$	483,675

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Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Six Months Ended June 30,
		2012		2011
	(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest		$	59,666	$	42,328
Income taxes		$	175	$	31

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Note 14 - Preferred Stock

6 Months Ended

Jun. 30, 2012

Preferred Stock [Text Block]

14.       Preferred Stock

At June 30, 2012, we had 450,829 shares of Series B junior participating convertible preferred stock (“Series B Preferred Stock”) outstanding, which are convertible into 147.8 million shares of our common stock. The number of shares of common stock into which our Series B Preferred Stock is convertible is determined by dividing $1,000 by the applicable conversion price ($3.05, subject to customary anti-dilution adjustments) plus cash in lieu of fractional shares. The Series B Preferred Stock will be convertible at the holder’s option into shares of our common stock provided that no holder, with its affiliates, may beneficially own total voting power of our voting stock in excess of 49%.  The Series B Preferred Stock also mandatorily converts into our common stock upon its sale, transfer or other disposition by MatlinPatterson or its affiliates to an unaffiliated third party. The Series B Preferred Stock votes together with our common stock on all matters upon which holders of our common stock are entitled to vote. Each share of Series B Preferred Stock is entitled to such number of votes as the number of shares of our common stock into which such share of Series B Preferred Stock is convertible, provided that the aggregate votes attributable to such shares with respect to any holder of Series B Preferred Stock (including its affiliates), taking into consideration any other voting securities of the Company held by such stockholder, cannot exceed more than 49% of the total voting power of the voting stock of the Company. Shares of Series B Preferred Stock are entitled to receive only those dividends declared and paid on the common stock.  As of June 30, 2012, the outstanding shares of common stock (89.4 million shares) and Series B Preferred Stock owned by MatlinPatterson represented approximately 68% of the total number of shares of our common stock outstanding on an if-converted basis.