Note 16 - Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2012

Supplemental Guarantor Information [Text Block]

16. Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior and convertible senior 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 STATEMENT OF OPERATIONS

	Year Ended December 31, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	518,040		$	580,419		$	138,499		$	―		$	1,236,958
Cost of sales		(408,569	)		(463,566	)		(121,149	)		―			(993,284	)
Gross margin		109,471			116,853			17,350			―			243,674
Selling, general and administrative expenses		(78,335	)		(81,490	)		(12,382	)		―			(172,207	)
Loss from unconsolidated joint ventures		(166	)		(659	)		(1,265	)		―			(2,090	)
Equity income (loss) of subsidiaries		13,618			―			―			(13,618	)		―
Interest expense		17,319			(17,052	)		(6,663	)		―			(6,396	)
Other income (expense)		4,695			194			(225	)		―			4,664
Homebuilding pretax income (loss)		66,602			17,846			(3,185	)		(13,618	)		67,645
Financial Services:
Financial services pretax income (loss)		(304	)		304			10,542			―			10,542
Income (loss) before income taxes		66,298			18,150			7,357			(13,618	)		78,187
(Provision) benefit for income taxes		465,123			(6,668	)		(5,221	)		―			453,234
Net income (loss)	$	531,421		$	11,482		$	2,136		$	(13,618	)	$	531,421

	Year Ended December 31, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	346,645		$	483,396		$	52,952		$	―		$	882,993
Cost of sales		(277,248	)		(400,150	)		(43,398	)		―			(720,796	)
Gross margin		69,397			83,246			9,554			―			162,197
Selling, general and administrative expenses		(79,469	)		(69,148	)		(5,758	)		―			(154,375	)
Income (loss) from unconsolidated joint ventures		653			(192	)		(254	)		―			207
Equity income (loss) of subsidiaries		756			―			―			(756	)		―
Interest expense		(3,036	)		(19,603	)		(2,529	)		―			(25,168	)
Other income (expense)		(802	)		(1,387	)		1,172			―			(1,017	)
Homebuilding pretax income (loss)		(12,501	)		(7,084	)		2,185			(756	)		(18,156	)
Financial Services:
Financial services pretax income (loss)		(177	)		177			1,683			―			1,683
Income (loss) before income taxes		(12,678	)		(6,907	)		3,868			(756	)		(16,473	)
(Provision) benefit for income taxes		(3,739	)		4,757			(962	)		―			56
Net income (loss)	$	(16,417	)	$	(2,150	)	$	2,906		$	(756	)	$	(16,417	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Year Ended December 31, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	401,476		$	444,773		$	66,169		$	―	$	912,418
Cost of sales		(295,214	)		(361,464	)		(53,896	)		―		(710,574	)
Gross margin		106,262			83,309			12,273			―		201,844
Selling, general and administrative expenses		(80,942	)		(65,113	)		(4,487	)		―		(150,542	)
Income (loss) from unconsolidated joint ventures		1,089			(319	)		396			―		1,166
Equity income (loss) of subsidiaries		(622	)		―			―			622		―
Interest expense		(16,468	)		(21,997	)		(1,709	)		―		(40,174	)
Loss on early extinguishment of debt		(30,028	)		―			―			―		(30,028	)
Other income (expense)		(536	)		(493	)		4,762			―		3,733
Homebuilding pretax income (loss)		(21,245	)		(4,613	)		11,235			622		(14,001	)
Financial Services:
Financial services pretax income (loss)		(142	)		142			1,720			―		1,720
Income (loss) before income taxes		(21,387	)		(4,471	)		12,955			622		(12,281	)
(Provision) benefit for income taxes		9,663			(1,893	)		(7,213	)		―		557
Net income (loss)	$	(11,724	)	$	(6,364	)	$	5,742		$	622	$	(11,724	)

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	154,722	$	114	$	185,072	$	―		$	339,908
Restricted cash		―		―		26,900		―			26,900
Trade and other receivables		845,245		4,219		19,981		(858,721	)		10,724
Inventories - Owned		759,553		766,188		445,677		―			1,971,418
Inventories - Not owned		4,495		36,991		29,809		―			71,295
Investments in unconsolidated joint ventures		1,649		622		50,172		―			52,443
Investments in subsidiaries		717,509		―		―		(717,509	)		―
Deferred income taxes, net		455,224		―		―		148			455,372
Other assets		37,817		3,267		834		―			41,918
Total Homebuilding Assets		2,976,214		811,401		758,445		(1,576,082	)		2,969,978
Financial Services:
Cash and equivalents		―		―		6,647		―			6,647
Restricted cash		―		―		2,420		―			2,420
Mortgage loans held for sale, net		―		―		119,549		―			119,549
Mortgage loans held for investment, net		―		―		9,923		―			9,923
Other assets		―		―		7,249		(2,692	)		4,557
Total Financial Services Assets		―		―		145,788		(2,692	)		143,096
Total Assets	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	8,038	$	10,537	$	3,871	$	―		$	22,446
Accrued liabilities		175,054		518,835		343,485		(839,230	)		198,144
Secured project debt and other notes payable		6,804		―		4,712		―			11,516
Senior notes payable		1,530,502		―		―		―			1,530,502
Total Homebuilding Liabilities		1,720,398		529,372		352,068		(839,230	)		1,762,608
Financial Services:
Accounts payable and other liabilities		―		―		11,026		(8,535	)		2,491
Mortgage credit facilities		―		―		105,659		(13,500	)		92,159
Total Financial Services Liabilities		―		―		116,685		(22,035	)		94,650
Total Liabilities		1,720,398		529,372		468,753		(861,265	)		1,857,258
Equity:
Total Stockholders' Equity		1,255,816		282,029		435,480		(717,509	)		1,255,816
Total Liabilities and Equity	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074

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		―		―		74,195		―			74,195
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,517		(3,063	)		1,454
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 STATEMENT OF CASH FLOWS

	Year Ended December 31, 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	$	(248,495	)	$	(794	)	$	(8,227	)	$	(25,600	)	$	(283,116	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(2,630	)		(180	)		(80,248	)		25,600			(57,458	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,392			1,500			11,638			―			14,530
Net cash paid for acquisitions		―			―			(60,752	)		―			(60,752	)
Other investing activities		(1,429	)		(588	)		492			―			(1,525	)
Net cash provided by (used in) investing activities		(2,667	)		732			(128,870	)		25,600			(105,205	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			3,347			―			3,347
Principal payments on secured project debt and other notes payable		―			―			(866	)		―			(866	)
Principal payments on senior subordinated notes payable		(49,603	)		―			―			―			(49,603	)
Proceeds from convertible senior notes payable		253,000			―			―			―			253,000
Payment of debt issuance costs		(11,761	)		―			―			―			(11,761	)
Net proceeds from (payments on) mortgage credit facilities		―			―			45,351			―			45,351
Net proceeds from the issuance of common stock		71,847			―			―			―			71,847
(Contributions to) distributions from Corporate and subsidiaries		62,605			―			(62,605	)		―			―
Proceeds from the exercise of stock options		13,039			―			―			―			13,039
Net cash provided by (used in) financing activities		339,127			―			(14,773	)		―			324,354
Net increase (decrease) in cash and equivalents		87,965			(62	)		(151,870	)		―			(63,967	)
Cash and equivalents at beginning of year		66,757			176			343,589			―			410,522
Cash and equivalents at end of year	$	154,722		$	114		$	191,719		$	―		$	346,555

	Year Ended December 31, 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	$	(287,465	)	$	636		$	(35,784	)	$	―	$	(322,613	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(4,265	)		(216	)		(10,208	)		―		(14,689	)
Distributions of capital from unconsolidated homebuilding joint ventures		751			―			7,842			―		8,593
Other investing activities		(1,512	)		(188	)		(517	)		―		(2,217	)
Net cash provided by (used in) investing activities		(5,026	)		(404	)		(2,883	)		―		(8,313	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(1,559	)		―		(1,559	)
Principal payments on secured project debt and other notes payable		―			(273	)		(934	)		―		(1,207	)
Payment of debt issuance costs		(4,575	)		―						―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			16,464			―		16,464
(Contributions to) distributions from Corporate and subsidiaries		102,000			―			(102,000	)		―		―
Payment of issuance costs in connection with exercise of Warrant for common stock		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		1,278			―			―			―		1,278
Net cash provided by (used in) financing activities		98,379			(273	)		(88,029	)		―		10,077
Net increase (decrease) in cash and equivalents		(194,112	)		(41	)		(126,696	)		―		(320,849	)
Cash and equivalents at beginning of year		260,869			217			470,285			―		731,371
Cash and equivalents at end of year	$	66,757		$	176		$	343,589		$	―	$	410,522

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Year Ended December 31, 2010
	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	$	(206,309	)	$	18,334		$	107,017		$	―	$	(80,958	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(3,260	)		(132	)		(36,121	)		―		(39,513	)
Distributions of capital from unconsolidated homebuilding joint ventures		4			(1	)		7,637			―		7,640
Other investing activities		(705	)		(362	)		(515	)		―		(1,582	)
Net cash provided by (used in) investing activities		(3,961	)		(495	)		(28,999	)		―		(33,455	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(12,843	)		―		(12,843	)
Net proceeds from (principal payments on) secured project debt and other notes payable		(89,052	)		(18,024	)		23,514			―		(83,562	)
Principal payments on senior and senior subordinated notes payable		(792,389	)		―			―			―		(792,389	)
Proceeds from the issuance of senior notes payable		977,804			―			―			―		977,804
Payment of debt issuance costs		(17,215	)		―			―			―		(17,215	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(10,651	)		―		(10,651	)
(Contributions to) distributions from Corporate and subsidiaries		19,775			―			(19,775	)		―		―
Net proceeds from issuance of common stock		186,443			―			―			―		186,443
Excess tax benefits from share-based payment arrangements		27			―			―			―		27
Proceeds from the exercise of stock options		2,611			―			―			―		2,611
Net cash provided by (used in) financing activities		288,004			(18,024	)		(19,755	)		―		250,225
Net increase (decrease) in cash and equivalents		77,734			(185	)		58,263			―		135,812
Cash and equivalents at beginning of year		183,135			402			412,022			―		595,559
Cash and equivalents at end of year	$	260,869		$	217		$	470,285		$	―	$	731,371