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 March 31, 2015

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)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 x	Accelerated filer ¨
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 April 30, 2015: 275,371,821

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 Months Ended March 31, 2015 and 2014	2
			Condensed Consolidated Balance Sheets as of March 31, 2015 (Unaudited) and December 31, 2014	3
			Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and 2014	4
			Notes to Unaudited Condensed Consolidated Financial Statements	5
		ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
		ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	34
		ITEM 4.	Controls and Procedures	34
PART II.	Other Information
		ITEM 1.	Legal Proceedings	37
		ITEM 1A.	Risk Factors	37
		ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
		ITEM 3.	Defaults Upon Senior Securities	37
		ITEM 4.	Mine Safety Disclosures	37
		ITEM 5.	Other Information	38
		ITEM 6.	Exhibits	38
SIGNATURES				39

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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 March 31,
	2015			2014
	(Dollars in thousands, except per share amounts)
	(Unaudited)
Homebuilding:
Home sale revenues	$	468,379		$	446,918
Land sale revenues		1,899			13,281
Total revenues		470,278			460,199
Cost of home sales		(354,817	)		(328,245	)
Cost of land sales		(1,356	)		(13,004	)
Total cost of sales		(356,173	)		(341,249	)
Gross margin		114,105			118,950
Selling, general and administrative expenses		(66,070	)		(58,590	)
Income (loss) from unconsolidated joint ventures		(451	)		(437	)
Other income (expense)		(296	)		(13	)
Homebuilding pretax income		47,288			59,910
Financial Services:
Revenues		4,919			4,984
Expenses		(4,101	)		(3,440	)
Other income		390			161
Financial services pretax income		1,208			1,705
Income before taxes		48,496			61,615
Provision for income taxes		(16,891	)		(23,456	)
Net income		31,605			38,159
Less: Net income allocated to preferred shareholder		(7,662	)		(9,147	)
Less: Net income allocated to unvested restricted stock		(67	)		(59	)
Net income available to common stockholders	$	23,876		$	28,953
Income Per Common Share:
Basic	$	0.09		$	0.10
Diluted	$	0.08		$	0.09
Weighted Average Common Shares Outstanding:
Basic		273,635,605			277,948,342
Diluted		310,391,822			315,894,969
Weighted average additional common shares outstanding
if preferred shares converted to common shares		87,812,786			87,812,786
Total weighted average diluted common shares outstanding
if preferred shares converted to common shares		398,204,608			403,707,755

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

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STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2015		December 31, 2014
	(Dollars in thousands)
	(Unaudited)
ASSETS
Homebuilding:
Cash and equivalents	$	80,926	$	180,428
Restricted cash		39,241		38,222
Trade and other receivables		25,970		19,005
Inventories:
Owned		3,480,777		3,255,204
Not owned		50,856		85,153
Investments in unconsolidated joint ventures		51,362		50,111
Deferred income taxes, net of valuation allowance of $1,375 and $2,561 at
March 31, 2015 and December 31, 2014, respectively		273,678		276,402
Other assets		39,872		42,592
Total Homebuilding Assets		4,042,682		3,947,117
Financial Services:
Cash and equivalents		22,672		31,965
Restricted cash		1,295		1,295
Mortgage loans held for sale, net		98,692		174,420
Mortgage loans held for investment, net		18,518		14,380
Other assets		8,290		5,243
Total Financial Services Assets		149,467		227,303
Total Assets	$	4,192,149	$	4,174,420
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	58,564	$	45,085
Accrued liabilities		199,846		223,783
Revolving credit facility		15,000		―
Secured project debt and other notes payable		4,378		4,689
Senior notes payable		2,132,229		2,131,393
Total Homebuilding Liabilities		2,410,017		2,404,950
Financial Services:
Accounts payable and other liabilities		2,240		3,369
Mortgage credit facilities		91,537		89,413
Total Financial Services Liabilities		93,777		92,782
Total Liabilities		2,503,794		2,497,732
Equity:
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 shares
issued and outstanding at March 31, 2015 and December 31, 2014		3		3
Common stock, $0.01 par value; 600,000,000 shares authorized; 274,390,765
and 275,141,189 shares issued and outstanding at March 31, 2015 and
December 31, 2014, respectively		2,744		2,751
Additional paid-in capital		1,326,771		1,346,702
Accumulated earnings		358,837		327,232
Total Equity		1,688,355		1,676,688
Total Liabilities and Equity	$	4,192,149	$	4,174,420

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

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
	(Unaudited)
Cash Flows From Operating Activities:
Net income	$	31,605		$	38,159
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) loss from unconsolidated joint ventures		451			437
Depreciation and amortization		1,422			1,178
Loss on disposal of property and equipment		19			1
Amortization of stock-based compensation		2,695			2,372
Excess tax benefits from share-based payment arrangements		(3,369	)		―
Deferred income tax provision		16,874			23,622
Changes in cash and equivalents due to:
Trade and other receivables		(7,008	)		(17,549	)
Mortgage loans held for sale		75,724			51,938
Inventories - owned		(199,972	)		(188,759	)
Inventories - not owned		(5,878	)		(8,165	)
Other assets		76			(833	)
Accounts payable		13,479			1,376
Accrued liabilities		(20,189	)		(21,340	)
Net cash provided by (used in) operating activities		(94,071	)		(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(7,639	)		(2,787	)
Distributions of capital from unconsolidated joint ventures		5,732			14,808
Other investing activities		(5,977	)		(1,735	)
Net cash provided by (used in) investing activities		(7,884	)		10,286
Cash Flows From Financing Activities:
Change in restricted cash		(1,019	)		(5,238	)
Borrowings from revolving credit facility		27,700			―
Principal payments on revolving credit facility		(12,700	)		―
Principal payments on secured project debt and other notes payable		(311	)		(890	)
Net proceeds from (payments on) mortgage credit facilities		2,124			(48,370	)
Repurchases of common stock		(22,073	)		―
Issuance of common stock under employee stock plans		(3,930	)		3,596
Excess tax benefits from share-based payment arrangements		3,369			―
Net cash provided by (used in) financing activities		(6,840	)		(50,902	)
Net increase (decrease) in cash and equivalents		(108,795	)		(158,179	)
Cash and equivalents at beginning of period		212,393			363,291
Cash and equivalents at end of period	$	103,598		$	205,112
Cash and equivalents at end of period	$	103,598		$	205,112
Homebuilding restricted cash at end of period		39,241			26,698
Financial services restricted cash at end of period		1,295			1,295
Cash and equivalents and restricted cash at end of period	$	144,134		$	233,105

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

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STANDARD PACIFIC CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2015

1.Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries and have been prepared 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 March 31, 2015 and the results of operations and cash flows for the periods presented.

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, 2014.  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 January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors ("ASU 2014-04"), which clarifies when an in-substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred.  By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property.  For public companies, ASU 2014-04 is effective prospectively for interim and annual periods beginning after December 15, 2014.  Our adoption of ASU 2014-04 on January 1, 2015 did not have an effect on our condensed consolidated financial statements.

In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08").  The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area.  The new guidance requires expanded disclosures about discontinued operations, including more information about the assets, liabilities, income, and expenses of discontinued operations.  The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting.  For public companies, the amendments in ASU 2014-08 are effective prospectively for interim and annual periods beginning after December 15, 2014.  Our adoption of ASU 2014-08 on January 1, 2015 did not have an effect on our condensed consolidated financial statements.

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In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes existing accounting literature relating to how and when a company recognizes revenue.  Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services.  For public companies, the amendments in ASU 2014-09 are effective for interim and annual reporting periods beginning after December 15, 2016, and are to be applied either with a full retrospective or modified retrospective approach, with early application not permitted.  We are currently evaluating the impact the adoption will have on our condensed consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.  A reporting entity should apply existing guidance in ASC Topic 718, Compensation — Stock Compensation ("ASC 718"), as it relates to awards with performance conditions that affect vesting to account for such awards.  The amendments in ASU 2014-12 are effective for interim and annual periods beginning after December 15, 2015.  Early adoption is permitted.  Our adoption of ASU 2014-12 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern, ("ASU 2014-15"), which requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required.  The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter.  Early adoption is permitted.  Our adoption of ASU 2014-15 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, ("ASU 2015-02"), which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Our adoption of ASU 2015-02 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The amendments in ASU 2015-03 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Our adoption of ASU 2015-03 is not expected to have a material effect on our condensed consolidated financial statements.

3.Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations acquire and develop land and 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 many of 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 services operation provides title examinations for our homebuyers in Texas and Florida.  Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our condensed consolidated financial statements under "Financial Services."

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating segments by centralizing key administrative functions such as accounting, 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.  All of the expenses incurred by Corporate are allocated to each of our operating segments based on their respective percentage of revenues.

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

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Homebuilding revenues:
California	$	185,621	$	219,479
Southwest		138,208		107,207
Southeast		146,449		133,513
Total homebuilding revenues	$	470,278	$	460,199
Homebuilding pretax income:
California	$	25,098	$	38,553
Southwest		11,797		10,058
Southeast		10,393		11,299
Total homebuilding pretax income	$	47,288	$	59,910

Segment financial information relating to the Company's homebuilding assets was as follows:

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Homebuilding assets:
California	$	1,607,808	$	1,542,584
Southwest		877,207		826,489
Southeast		1,138,482		1,060,343
Corporate		419,185		517,701
Total homebuilding assets	$	4,042,682	$	3,947,117

4.Earnings Per Common Share

We compute earnings per share in accordance with ASC Topic 260, Earnings per Share ("ASC 260"), which requires earnings 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 between the holders of common stock and a company's participating security holders.  Under the two-class method, earnings 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 per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic 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

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our unvested restricted stock, are classified as participating securities in accordance with ASC 260.  Net income 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 per common share, basic earnings 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 Series B Preferred Stock and convertible debt using the if-converted method.  Under the two-class method of calculating diluted earnings per share, net income is reallocated to common stock, the Series B Preferred stock and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed.  In the computation of diluted earnings per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings per share amounts as the holder of the Series B Preferred Stock has the same economic rights as the holders of the common stock.

The following table sets forth the components used in the computation of basic and diluted earnings per common share.

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands, except per share amounts)
Numerator:
Net income	$	31,605		$	38,159
Less: Net income allocated to preferred shareholder		(7,662	)		(9,147	)
Less: Net income allocated to unvested restricted stock		(67	)		(59	)
Net income available to common stockholders for basic
earnings per common share		23,876			28,953
Effect of dilutive securities:
Net income allocated to preferred shareholder		7,662			9,147
Interest on 1¼% convertible senior notes due 2032,
included in cost of sales		41			41
Net income available to common and preferred stock for diluted
earnings per share	$	31,579		$	38,141
Denominator:
Weighted average basic common shares outstanding		273,635,605			277,948,342
Weighted average additional common shares outstanding if preferred shares
converted to common shares (if dilutive)		87,812,786			87,812,786
Total weighted average common shares outstanding if preferred shares
converted to common shares		361,448,391			365,761,128
Effect of dilutive securities:
Share-based awards		5,443,367			6,633,777
1¼% convertible senior notes due 2032		31,312,850			31,312,850
Weighted average diluted shares outstanding		398,204,608			403,707,755
Income per common share:
Basic	$	0.09		$	0.10
Diluted	$	0.08		$	0.09

5.Stock-Based Compensation

We account for share-based awards in accordance with ASC 718 which requires that the cost resulting from all share-based payment transactions be recognized in the financial statements.  ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans.

Total compensation expense recognized related to stock-based compensation was $2.7 million and $2.4 million for the three months ended March 31, 2015 and 2014, respectively.  As of March 31, 2015, total unrecognized stock-based compensation expense was $11.6 million, with a weighted average period

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over which the remaining unrecognized compensation expense is expected to be recorded of approximately 1.9 years.

6.Restricted Cash

At March 31, 2015, restricted cash included $40.5 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 ($39.2 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:

	March 31, 2015
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,032,490	$	515,054	$	739,460	$	2,287,004
Homes completed and under construction		405,140		294,396		308,317		1,007,853
Model homes		83,047		43,090		59,783		185,920
Total inventories owned	$	1,520,677	$	852,540	$	1,107,560	$	3,480,777
	December 31, 2014
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,021,585	$	504,538	$	722,166	$	2,248,289
Homes completed and under construction		318,982		250,498		258,132		827,612
Model homes		81,763		44,437		53,103		179,303
Total inventories owned	$	1,422,330	$	799,473	$	1,033,401	$	3,255,204

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.  As of March 31, 2015 and 2014, the total active and future projects that we owned were 367 and 361, respectively.  During the three months ended March 31, 2015 and 2014, we reviewed all projects for indicators of impairment and based on our review we did not record any inventory impairments during these periods.

b. Inventories Not Owned

Inventories not owned consisted of the following at:

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Land purchase and lot option deposits	$	46,323	$	47,472
Other lot option contracts, net of deposits		4,533		37,681
Total inventories not owned	$	50,856	$	85,153

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

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costs are classified as inventories owned, which we would have to absorb 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.  In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE.  As of March 31, 2015 and December 31, 2014, we had consolidated $1.4 million and $7.6 million, respectively, within inventories not owned (with a corresponding increase in accrued liabilities) related to land option and purchase contracts where we were deemed to be the primary beneficiary of a VIE.

Other lot option contracts also included $3.1 million, as of March 31, 2015 and December 31, 2014, of purchase price allocated in connection with a business acquisition during the 2013 second quarter, and $27.0 million as of December 31, 2014 related to a land purchase contract where we made a significant deposit and as a result we were deemed to be economically compelled to purchase the land.

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.  During the three months ended March 31, 2015 and 2014, our qualified assets exceeded our debt, and as a result, all of our homebuilding interest incurred during the three months ended March 31, 2015 and 2014 was capitalized 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 income (loss) from unconsolidated joint ventures and expensed as interest expense, for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Total interest incurred	$	41,803		$	38,786
Less: Interest capitalized to inventories owned		(41,401	)		(38,213	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(402	)		(573	)
Interest expense	$	―		$	―
Interest previously capitalized to inventories owned, included in cost of home sales	$	22,395		$	24,368
Interest previously capitalized to inventories owned, included in cost of land sales	$	243		$	615
Interest previously capitalized to investments in unconsolidated joint ventures,
included in income (loss) from unconsolidated joint ventures	$	―		$	30
Interest capitalized in ending inventories owned (1)	$	294,370		$	257,981
Interest capitalized as a percentage of inventories owned		8.5	%		9.4	%
Interest capitalized in ending investments in unconsolidated joint ventures (1)	$	1,067		$	1,511
Interest capitalized as a percentage of investments in unconsolidated joint ventures		2.1	%		3.0	%

__________________             

(1) During the three months ended March 31, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.

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9.Investments in Unconsolidated Land Development and Homebuilding Joint Ventures

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

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Revenues	$	―		$	31,224
Cost of sales and expenses		(2,845	)		(33,321	)
Income (loss) of unconsolidated joint ventures	$	(2,845	)	$	(2,097	)
Income (loss) from unconsolidated joint ventures reflected in the
accompanying condensed consolidated statements of operations	$	(451	)	$	(437	)

Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of our unconsolidated land development and homebuilding joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable.  In addition, we defer recognition of our share of income that relates to lots purchased by us from land development joint ventures until we ultimately sell the homes to be constructed to third parties, at which time we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures.  For the three months ended March 31, 2015 and 2014, income (loss) from unconsolidated joint ventures was primarily attributable to our share of income (loss) related to our California joint ventures, which was allocated based on the provisions of the underlying joint venture operating agreements.

During each of the three months ended March 31, 2015 and 2014, all of our investments in unconsolidated joint ventures were reviewed for impairment.  Based on the impairment review, no joint venture projects were determined to be impaired for the three months ended March 31, 2015 or 2014.

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

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Assets:
Cash	$	33,270	$	29,472
Inventories		193,740		197,727
Other assets		13,492		10,372
Total assets	$	240,502	$	237,571
Liabilities and Equity:
Accounts payable and accrued liabilities	$	15,010	$	16,173
Non-recourse debt		30,000		30,000
Standard Pacific equity		55,545		54,347
Other members' equity		139,947		137,051
Total liabilities and equity	$	240,502	$	237,571
Investments in unconsolidated joint ventures reflected in
the accompanying condensed consolidated balance sheets	$	51,362	$	50,111

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 in prior periods against our joint venture investments and the impairments recorded by the applicable joint venture.  As of March 31, 2015 and December 31, 2014, substantially all of our investments in unconsolidated joint ventures were in California.  Our investments in unconsolidated

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joint ventures also included approximately $1.1 million and $0.7 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of March 31, 2015 and December 31, 2014, respectively, which capitalized interest is not included in the condensed 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 March 31, 2015, 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 either because they were not deemed to be VIEs and we did not have a controlling interest, or, if they were a VIE, we were not deemed to be the primary beneficiary.

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.  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:

	Three Months Ended March 31,
	2015				2014
	(Dollars in thousands)
Warranty accrual, beginning of the period		$	13,584		$	13,811
Warranty costs accrued during the period			1,775			1,183
Warranty costs paid during the period			(2,320	)		(1,361	)
Warranty accrual, end of the period		$	13,039		$	13,633

11.Revolving Credit Facility and Letter of Credit Facilities

As of March 31, 2015, we were party to a $450 million unsecured revolving credit facility (the "Revolving Facility") which matures in July 2018.  The Revolving Facility has an accordion feature under which the aggregate commitment may be increased to a maximum amount of $750 million, subject to the availability of additional bank commitments and certain other conditions.  As of March 31, 2015, the Revolving Facility contained 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 limitation on our investments in joint ventures.  Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options.  As of March 31, 2015, we satisfied the conditions that would allow us to borrow up to $450 million under the facility, of which $15 million in borrowings was outstanding, with $435 million of remaining availability.

As of March 31, 2015, we were party to five committed letter of credit facilities totaling $58 million, of which $37.9 million was outstanding.  These facilities require cash collateralization and have maturity dates ranging from October 2015 to October 2017.  As of March 31, 2015, these facilities were secured by cash collateral deposits of $38.5 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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12.  Secured Project Debt and Other Notes Payable

Our secured project debt and other notes payable consist of seller non-recourse financing and community development district and similar assessment district bond financings used to finance land acquisition, development and infrastructure costs for which we are responsible.  At March 31, 2015, we had approximately $4.4 million outstanding in secured project debt and other notes payable.  

13.  Senior Notes Payable

Senior notes payable consisted of the following at:

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
7% Senior Notes due August 2015	$	29,789	$	29,789
10¾% Senior Notes due September 2016, net of discount		273,655		272,684
8⅜% Senior Notes due May 2018, net of premium		578,066		578,278
8⅜% Senior Notes due January 2021, net of discount		397,719		397,642
6¼% Senior Notes due December 2021		300,000		300,000
5⅞% Senior Notes due November 2024		300,000		300,000
1¼% Convertible Senior Notes due August 2032		253,000		253,000
	$	2,132,229	$	2,131,393

The senior notes payable described above are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our 1¼% Convertible Senior Notes, are redeemable at our option, in whole or in part, pursuant to a "make whole" formula.  These 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.  Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness.  The Company must also satisfy at least one of these two conditions to make restricted payments.  Restricted payments include dividends, stock repurchases and investments in and advances to our joint ventures and other unrestricted subsidiaries.  Our ability to make restricted payments is also subject to a basket limitation (as defined in the indentures).  As of March 31, 2015, we were able to incur additional indebtedness and make restricted payments because we satisfied both conditions.  Many of our 100% owned direct and indirect subsidiaries (collectively, the "Guarantor Subsidiaries") guaranty our outstanding senior notes.  The guarantees are full and unconditional, and joint and several.  The indentures further provide that a Guarantor Subsidiary will be released and relieved of any obligations under its note guarantee in the event (i) of a sale or other disposition (whether by merger, stock purchase, asset sale or otherwise) of a Guarantor Subsidiary to an entity which is not Standard Pacific Corp. or a Guarantor Subsidiary; (ii) the requirements for legal defeasance or covenant defeasance have been satisfied; (iii) a Guarantor Subsidiary ceases to be a restricted subsidiary as the result of the Company owning less than 80% of such Guarantor Subsidiary; (iv) a Guarantor Subsidiary ceases to guarantee all other public notes of the Company; or (v) a Guarantor Subsidiary is designated as an Unrestricted Subsidiary under the indentures for covenant purposes.  Please see Note 20 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

The 1¼% Convertible Senior Notes due 2032 (the "Convertible Notes") will mature on August 1, 2032, unless earlier converted, redeemed or repurchased.  The holders may at any time convert their Convertible Notes into shares of the Company's common stock at an initial conversion rate of 123.7662 shares of common stock per $1,000 principal amount of Convertible Notes (which is equal to an initial conversion price of approximately $8.08 per share), subject to adjustment.  On or after August 5, 2017, the Company may redeem for cash all or part of the Convertible Notes at a redemption price equal to 100% of the principal amount of the Convertible Notes being redeemed.  On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the Convertible Notes may require the Company to purchase all or any

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portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased.

14.Preferred Stock

Our Series B Preferred Stock is 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 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 also mandatorily converts into our common stock upon its sale, transfer or other disposition by MP CA Homes LLC ("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.

At March 31, 2015, MatlinPatterson owned 267,829 shares of Series B Preferred Stock, which are convertible into 87.8 million shares of our common stock.  MatlinPatterson also owned 126.4 million shares of our common stock.  As of March 31, 2015, the outstanding shares of Series B Preferred Stock on an as converted basis plus the common stock owned by MatlinPatterson represented approximately 59% of the total number of shares of our common stock outstanding on an if-converted basis.

15.Mortgage Credit Facilities

At March 31, 2015, we had $91.5 million outstanding under our mortgage financing subsidiary's mortgage credit facilities.  These mortgage credit facilities consist of a $125 million repurchase facility with one lender, maturing in May 2015, and a $75 million repurchase facility with another lender, maturing in October 2015.  These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.3 million as of March 31, 2015, and also contain 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 March 31, 2015, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

Standard Pacific Mortgage is currently negotiating an extension for the $125 million repurchase facility which matures on May 11, 2015.

16.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;

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•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.

The following table presents the Company's financial instruments measured at fair value on a recurring basis:

		Fair Value at
Description	Fair Value Hierarchy	March 31, 2015		December 31, 2014
		(Dollars in thousands)
Mortgage loans held for sale	Level 2	$	101,019	$	176,511

Mortgage loans held for sale consist 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:

			March 31, 2015				December 31, 2014
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	$	18,518	$	18,518	$	14,380	$	14,380
Homebuilding liabilities:
	Senior notes payable, net	Level 2	$	2,132,229	$	2,400,930	$	2,131,393	$	2,337,839

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 the estimated net realizable value of carrying the loans through disposition.

Senior Notes Payable – The senior 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, trade and other receivables, accounts payable, revolving credit facility borrowings, 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.

17.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 us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our 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 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 near-term 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

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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.

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 March 31, 2015, we had non-refundable cash deposits outstanding of approximately $38.7 million and capitalized pre-acquisition and other development and construction costs of approximately $6.3 million relating to land purchase and option contracts having a total remaining purchase price of approximately $382.9 million.

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 March 31, 2015, we held membership interests in 21 homebuilding and land development joint ventures, of which seven were active and 14 were inactive or winding down.  As of such date, only one joint venture had project specific debt outstanding, which totaled $30 million.  This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2015.  In addition, at March 31, 2015, we had $0.1 million of joint venture surety bonds outstanding subject to indemnity arrangements by us related to one project which was substantially complete as of such date.

c. Surety Bonds

We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects.  At March 31, 2015, we had approximately $524.6 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $330.0 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 facilities 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 $94.2 million at March 31, 2015 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 March 31, 2015, Standard Pacific Mortgage had approximately $99.0 million in closed mortgage loans held for sale and $94.5 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.

Substantially all of the loans originated by Standard Pacific Mortgage are sold with servicing rights released on a non-recourse basis.  These sales are generally 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 March 31, 2015, we had incurred an aggregate of $10.8 million in losses related to loan repurchases and make-whole payments we had been required to make on the $9.3 billion total dollar value of the loans we originated from the

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beginning of 2004 through the end of the first quarter of 2015.  During the three months ended March 31, 2015 and 2014, Standard Pacific Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0 and $0.2 million, respectively.  As of March 31, 2015, Standard Pacific Mortgage had indemnity and repurchase allowances related to loans sold of approximately $2.2 million.  In addition, during the 2014 first quarter, Standard Pacific Mortgage made make-whole payments totaling approximately $0.2 million related to three loans, and made no make-whole payments during the 2015 first quarter.

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 certain subcontractors that are added to our general liability insurance policy.  We record allowances 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 March 31, 2015 and December 31, 2014 were $62.3 million and $62.8 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.

18.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.

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 prior 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.

Our 2015 first quarter provision for income taxes of $16.9 million primarily related to our $48.5 million of pretax income.  As of March 31, 2015, we had a $275.1 million deferred tax asset which was offset by a valuation allowance of $1.4 million related to state net operating loss carryforwards that are limited by shorter carryforward periods.  As of such date, $127.6 million of our deferred tax asset related to net operating loss carryforwards ($112.6 million was subject to the Section 382 gross annual limitation of $15.6 million for both federal and state purposes, and $15.0 million was not subject to such limitation).  The remaining deferred tax asset balance of $147.5 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date.   In addition, as of March 31, 2015, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2010 through 2014.

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19.Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows

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

			Three Months Ended March 31,
			2015		2014
			(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
	Cash paid during the period for:
		Income taxes	$	12,059	$	2,991

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20.Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 13 "Senior Notes Payable").  Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	136,892		$	219,728		$	113,658		$	―		$	470,278
Cost of sales		(103,358	)		(170,957	)		(81,858	)		―			(356,173	)
Gross margin		33,534			48,771			31,800			―			114,105
Selling, general and administrative expenses		(23,146	)		(32,750	)		(10,174	)		―			(66,070	)
Income (loss) from unconsolidated joint ventures		26			―			(477	)		―			(451	)
Equity income of subsidiaries		23,367			―			―			(23,367	)		―
Interest income (expense), net		3,223			(2,744	)		(479	)		―			―
Other income (expense)		(1,001	)		(148	)		853			―			(296	)
Homebuilding pretax income		36,003			13,129			21,523			(23,367	)		47,288
Financial Services:
Financial services pretax income		―			―			1,208			―			1,208
Income before taxes		36,003			13,129			22,731			(23,367	)		48,496
Provision for income taxes		(4,398	)		(7,324	)		(5,169	)		―			(16,891	)
Net income	$	31,605		$	5,805		$	17,562		$	(23,367	)	$	31,605

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	168,340		$	205,084		$	86,775		$	―		$	460,199
Cost of sales		(121,510	)		(154,822	)		(64,917	)		―			(341,249	)
Gross margin		46,830			50,262			21,858			―			118,950
Selling, general and administrative expenses		(23,805	)		(27,848	)		(6,937	)		―			(58,590	)
Income (loss) from unconsolidated joint ventures		(117	)		33			(353	)		―			(437	)
Equity income of subsidiaries		24,496			―			―			(24,496	)		―
Interest income (expense), net		3,689			(2,806	)		(883	)		―			―
Other income (expense)		(142	)		(30	)		159			―			(13	)
Homebuilding pretax income		50,951			19,611			13,844			(24,496	)		59,910
Financial Services:
Financial services pretax income		―			―			1,705			―			1,705
Income before taxes		50,951			19,611			15,549			(24,496	)		61,615
Provision for income taxes		(12,792	)		(7,255	)		(3,409	)		―			(23,456	)
Net income	$	38,159		$	12,356		$	12,140		$	(24,496	)	$	38,159

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20.Supplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	47,277		$	783	$	32,866	$	―		$	80,926
Restricted cash		―			―		39,241		―			39,241
Trade, intercompany and other receivables		1,773,943			10,318		185,082		(1,943,373	)		25,970
Inventories:
Owned		1,094,011			1,302,428		1,084,338		―			3,480,777
Not owned		19,678			22,031		9,147		―			50,856
Investments in unconsolidated joint ventures		(1,628	)		523		52,467		―			51,362
Investments in subsidiaries		971,327			―		―		(971,327	)		―
Deferred income taxes, net		281,516			―		―		(7,838	)		273,678
Other assets		31,582			6,910		1,380		―			39,872
Total Homebuilding Assets		4,217,706			1,342,993		1,404,521		(2,922,538	)		4,042,682
Financial Services:
Cash and equivalents		―			―		22,672		―			22,672
Restricted cash		―			―		1,295		―			1,295
Mortgage loans held for sale, net		―			―		98,692		―			98,692
Mortgage loans held for investment, net		―			―		18,518		―			18,518
Other assets		―			―		9,896		(1,606	)		8,290
Total Financial Services Assets		―			―		151,073		(1,606	)		149,467
Total Assets	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	17,669		$	22,451	$	18,444	$	―		$	58,564
Accrued liabilities and intercompany payables		192,831			924,316		848,459		(1,765,760	)		199,846
Revolving credit facility		15,000			―		―		―			15,000
Secured project debt, other notes payable and
intercompany loans		171,622			―		4,378		(171,622	)		4,378
Senior notes payable		2,132,229			―		―		―			2,132,229
Total Homebuilding Liabilities		2,529,351			946,767		871,281		(1,937,382	)		2,410,017
Financial Services:
Accounts payable and other liabilities		―			―		17,675		(15,435	)		2,240
Mortgage credit facilities		―			―		91,537		―			91,537
Total Financial Services Liabilities		―			―		109,212		(15,435	)		93,777
Total Liabilities		2,529,351			946,767		980,493		(1,952,817	)		2,503,794
Equity:
Total Stockholders' Equity		1,688,355			396,226		575,101		(971,327	)		1,688,355
Total Liabilities and Equity	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149

-20-

20.Supplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	133,304		$	1,061	$	46,063	$	―		$	180,428
Restricted cash		―			―		38,222		―			38,222
Trade, intercompany and other receivables		1,645,356			4,379		191,268		(1,821,998	)		19,005
Inventories:
Owned		1,059,197			1,234,233		961,774		―			3,255,204
Not owned		17,360			28,520		39,273		―			85,153
Investments in unconsolidated joint ventures		(1,653	)		497		51,267		―			50,111
Investments in subsidiaries		957,933			―		―		(957,933	)		―
Deferred income taxes, net		283,890			―		―		(7,488	)		276,402
Other assets		34,094			6,855		1,643		―			42,592
Total Homebuilding Assets		4,129,481			1,275,545		1,329,510		(2,787,419	)		3,947,117
Financial Services:
Cash and equivalents		―			―		31,965		―			31,965
Restricted cash		―			―		1,295		―			1,295
Mortgage loans held for sale, net		―			―		174,420		―			174,420
Mortgage loans held for investment, net		―			―		14,380		―			14,380
Other assets		―			―		6,980		(1,737	)		5,243
Total Financial Services Assets		―			―		229,040		(1,737	)		227,303
Total Assets	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13,856		$	16,202	$	15,027	$	―		$	45,085
Accrued liabilities and intercompany payables		206,731			868,922		783,324		(1,635,194	)		223,783
Secured project debt, other notes payable and
intercompany loans		100,813			―		4,689		(100,813	)		4,689
Senior notes payable		2,131,393			―		―		―			2,131,393
Total Homebuilding Liabilities		2,452,793			885,124		803,040		(1,736,007	)		2,404,950
Financial Services:
Accounts payable and other liabilities		―			―		18,585		(15,216	)		3,369
Mortgage credit facilities		―			―		169,413		(80,000	)		89,413
Total Financial Services Liabilities		―			―		187,998		(95,216	)		92,782
Total Liabilities		2,452,793			885,124		991,038		(1,831,223	)		2,497,732
Equity:
Total Stockholders' Equity		1,676,688			390,421		567,512		(957,933	)		1,676,688
Total Liabilities and Equity	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420

-21-

20.Supplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries				Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(26,142	)	$	(61,490	)		$	(6,439	)	$	―		$	(94,071	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		―			―				(7,639	)		―			(7,639	)
Distributions of capital from unconsolidated joint ventures		―			―				5,732			―			5,732
Loan to parent and subsidiaries		―			―				10,000			(10,000	)		―
Other investing activities		(1,080	)		(697	)			(4,200	)		―			(5,977	)
Net cash provided by (used in) investing activities		(1,080	)		(697	)			3,893			(10,000	)		(7,884	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―				(1,019	)		―			(1,019	)
Borrowings from revolving credit facility		27,700			―				―			―			27,700
Principal payments on revolving credit facility		(12,700	)		―				―			―			(12,700	)
Principal payments on secured project debt and other notes payable		―			―				(311	)		―			(311	)
Loan from subsidiary		70,000			―				―			(70,000	)		―
Net proceeds from (payments on) mortgage credit facilities		―			―				(77,876	)		80,000			2,124
(Contributions to) distributions from Corporate and subsidiaries		9,973			―				(9,973	)		―			―
Repurchase of common stock		(22,073	)		―				―			―			(22,073	)
Issuance of common stock under employee stock plans		(3,930	)		―				―			―			(3,930	)
Excess tax benefits from share-based payment arrangements		3,369			―				―			―			3,369
Intercompany advances, net		(131,144	)		61,909				69,235			―			―
Net cash provided by (used in) financing activities		(58,805	)		61,909				(19,944	)		10,000			(6,840	)
Net increase (decrease) in cash and equivalents		(86,027	)		(278	)			(22,490	)		―			(108,795	)
Cash and equivalents at beginning of period		133,304			1,061				78,028			―			212,393
Cash and equivalents at end of period	$	47,277		$	783			$	55,538		$	―		$	103,598

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			ConsolidatedStandard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(36,848	)	$	(88,166	)	$	7,451		$	―		$	(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146			―			(2,933	)		―			(2,787	)
Distributions of capital from unconsolidated joint ventures		―			229			14,579			―			14,808
Loan to parent		―			―			(35,000	)		35,000			―
Other investing activities		(284	)		(387	)		(1,064	)		―			(1,735	)
Net cash provided by (used in) investing activities		(138	)		(158	)		(24,418	)		35,000			10,286
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(5,238	)		―			(5,238	)
Principal payments on secured project debt and other notes payable		―			―			(890	)		―			(890	)
Loan from subsidiary		35,000			―			―			(35,000	)		―
Net proceeds from (payments on) mortgage credit facilities		―			―			(48,370	)		―			(48,370	)
(Contributions to) distributions from Corporate and subsidiaries		(4,400	)		―			4,400			―			―
Issuance of common stock under employee stock plans		3,596			―			―			―			3,596
Intercompany advances, net		(138,450	)		88,516			49,934			―			―
Net cash provided by (used in) financing activities		(104,254	)		88,516			(164	)		(35,000	)		(50,902	)
Net increase (decrease) in cash and equivalents		(141,240	)		192			(17,131	)		―			(158,179	)
Cash and equivalents at beginning of period		175,289			494			187,508			―			363,291
Cash and equivalents at end of period	$	34,049		$	686		$	170,377		$	―		$	205,112

-22-

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

Results of Operations

Selected Financial Information

(Unaudited)

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands, except per share amounts)
Homebuilding:
Home sale revenues	$	468,379		$	446,918
Land sale revenues		1,899			13,281
Total revenues		470,278			460,199
Cost of home sales		(354,817	)		(328,245	)
Cost of land sales		(1,356	)		(13,004	)
Total cost of sales		(356,173	)		(341,249	)
Gross margin		114,105			118,950
Gross margin percentage		24.3	%		25.8	%
Selling, general and administrative expenses		(66,070	)		(58,590	)
Income (loss) from unconsolidated joint ventures		(451	)		(437	)
Other income (expense)		(296	)		(13	)
Homebuilding pretax income		47,288			59,910
Financial Services:
Revenues		4,919			4,984
Expenses		(4,101	)		(3,440	)
Other income		390			161
Financial services pretax income		1,208			1,705
Income before taxes		48,496			61,615
Provision for income taxes		(16,891	)		(23,456	)
Net income		31,605			38,159
Less: Net income allocated to preferred shareholder		(7,662	)		(9,147	)
Less: Net income allocated to unvested restricted stock		(67	)		(59	)
Net income available to common stockholders	$	23,876		$	28,953
Income Per Common Share:
Basic	$	0.09		$	0.10
Diluted	$	0.08		$	0.09
Weighted Average Common Shares Outstanding:
Basic		273,635,605			277,948,342
Diluted		310,391,822			315,894,969
Weighted average additional common shares outstanding
if preferred shares converted to common shares		87,812,786			87,812,786
Total weighted average diluted common shares outstanding
if preferred shares converted to common shares		398,204,608			403,707,755
Net cash provided by (used in) operating activities	$	(94,071	)	$	(117,563	)
Net cash provided by (used in) investing activities	$	(7,884	)	$	10,286
Net cash provided by (used in) financing activities	$	(6,840	)	$	(50,902	)
Adjusted Homebuilding EBITDA (1)	$	74,457		$	89,008

__________________

(1) Adjusted Homebuilding EBITDA means net income (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 subsidiaries. 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.

-23-

(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 March 31,						LTM Ended March 31,
	2015			2014			2015			2014
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(94,071	)	$	(117,563	)	$	(338,905	)	$	(213,318	)
Add:
Provision (benefit) for income taxes, net of deferred component		17			(166	)		35,284			(15,592	)
Homebuilding interest amortized to cost of sales and interest expense		22,638			24,983			120,767			118,876
Excess tax benefits from share-based payment arrangements		3,369			―			16,773			―
Less:
Income from financial services subsidiaries		1,208			1,544			8,538			9,940
Depreciation and amortization from financial services subsidiaries		37			33			142			126
Loss on disposal of property and equipment		19			1			29			3
Net changes in operating assets and liabilities:
Trade and other receivables		7,008			17,549			(5,764	)		11,877
Mortgage loans held for sale		(75,724	)		(51,938	)		29,052			(49,255	)
Inventories-owned		199,972			188,759			653,221			531,041
Inventories-not owned		5,878			8,165			30,740			46,544
Other assets		(76	)		833			(10,215	)		1,697
Accounts payable		(13,479	)		(1,376	)		(21,417	)		(16,279	)
Accrued liabilities		20,189			21,340			(35,374	)		3,284
Adjusted Homebuilding EBITDA	$	74,457		$	89,008		$	465,453		$	408,806

Three Months Ended March 31, 2015 Compared to Three Months Ended March 31, 2014

Overview

The Company's 2015 first quarter results reflect a continuation of the housing market recovery and our focus on the execution of our strategy.  Demand was strong during the quarter, with net new orders up 20% over the prior year period, to 1,571 homes, on a 14% increase in our number of average active selling communities.  The dollar value of these orders was up 31%.  Our backlog at the end of the quarter stood at 2,310 homes, up 15% from the first quarter of 2014, with the dollar value of the backlog up 29%.

We delivered 972 homes during the quarter, generating home sale revenues of $468.4 million, up 5% from the prior year period, on an average selling price of $482 thousand, up 7% from the first quarter of 2014.  Net income for the 2015 first quarter was $31.6 million, or $0.08 per diluted share, as compared to $38.2 million, or $0.09 per diluted share, for the 2014 first quarter, and pretax income was $48.5 million, compared to $61.6 million.  The year over year decrease in pretax and net income was primarily the result of a decrease in our gross margin from home sales which, consistent with the Company's expectations, decreased 240 basis points from 26.6% for the 2014 first quarter to 24.2% for the 2015 first quarter.  The decrease in our gross margins was driven primarily by an increase in direct construction costs.

During the 2015 first quarter, we spent $160.1 million on land acquisition and development, acquiring approximately 971 homesites.  We remain focused on acquiring and developing strategically located and appropriately priced land and on designing and building highly desirable, amenity-rich communities and homes that appeal to the move-up and luxury home buying segments we target.  We believe the strength of our land and product portfolio leaves us well positioned to take advantage of the housing recovery.

-24-

Homebuilding

			Three Months Ended March 31,
			2015		2014		% Change
			(Dollars in thousands)
Homebuilding revenues:
	California		$	185,621	$	219,479	(15%)
	Southwest			138,208		107,207	29%
	Southeast			146,449		133,513	10%
		Total homebuilding revenues	$	470,278	$	460,199	2%
Homebuilding pretax income:
	California		$	25,098	$	38,553	(35%)
	Southwest			11,797		10,058	17%
	Southeast			10,393		11,299	(8%)
		Total homebuilding pretax income	$	47,288	$	59,910	(21%)
Homebuilding pretax income as a percentage of homebuilding revenues:
	California			13.5%		17.6%	(4.1%)
	Southwest			8.5%		9.4%	(0.9%)
	Southeast			7.1%		8.5%	(1.4%)
		Total homebuilding pretax income percentage		10.1%		13.0%	(2.9%)

Homebuilding pretax income for the 2015 first quarter was $47.3 million compared to $59.9 million in the year earlier period.  This decrease was primarily the result of a 240 basis point decrease in gross margin from home sales and a 100 basis point increase in our SG&A rate from home sales, partially offset by a 5% increase in home sale revenues.  Homebuilding revenues within our California reportable segment decreased 15% for the 2015 first quarter compared to the prior year period primarily as a result of 14% decrease in new home deliveries.

Revenues

Home sale revenues increased 5%, from $446.9 million for the 2014 first quarter to $468.4 million for the 2015 first quarter, resulting from a 7% increase in our average home price to $482 thousand, partially offset by a 2% decrease in new home deliveries.

				Three Months Ended March 31,
				2015	2014	% Change
New homes delivered:
	California			292	339	(14%)
	Arizona			57	63	(10%)
	Texas			198	149	33%
	Colorado			40	53	(25%)
		Total Southwest		295	265	11%
	Florida			201	235	(14%)
	Carolinas			184	156	18%
		Total Southeast		385	391	(2%)
			Total	972	995	(2%)

The decrease in new home deliveries for the 2015 first quarter was driven by decreases within California, Florida, Colorado and Arizona, primarily as a result of a 25%, 11%, 31% and 9% decrease in the number of homes in backlog at the beginning of the period within those states, respectively.  New home deliveries in Texas increased 33% for the 2015 first quarter as a result of a 62% increase in the number of homes in backlog at the beginning of the period and where our average active selling communities grew 34% compared to the prior year period.  New home deliveries in the Carolinas increased 18% for the 2015 first quarter as a result of an 8% increase in the number of homes in backlog at the beginning of the period compared to the prior year period.

-25-

				Three Months Ended March 31,
				2015		2014		% Change
				(Dollars in thousands)
Average selling prices of homes delivered:
	California			$	634	$	624	2%
	Arizona				322		305	6%
	Texas				494		415	19%
	Colorado				552		484	14%
		Total Southwest			469		403	16%
	Florida				414		350	18%
	Carolinas				337		298	13%
		Total Southeast			377		329	15%
			Total	$	482	$	449	7%

Our 2015 first quarter consolidated average selling price increased 7% to $482 thousand compared to $449 thousand for the prior year period.  The year over year increases in our consolidated average home price reflects general price increases within the majority of our markets and a shift to more move-up product.

Gross Margin

Our 2015 first quarter gross margin percentage from home sales decreased to 24.2% compared to 26.6% in the 2014 first quarter.  The year over year decrease in our gross margin percentage from home sales was primarily attributable to an increase in direct construction costs per home.

SG&A Expenses

Our 2015 first quarter SG&A expenses (including Corporate G&A) were $66.1 million compared to $58.6 million for the prior year period, up 100 basis points as a percentage of home sale revenues to 14.1%, compared to 13.1% for the 2014 first quarter.  The increase in our SG&A rate was primarily the result of higher sales and marketing costs associated with new community openings.

Operating Data

			Three Months Ended March 31,
			2015	2014	% Change	% Absorption Change (1)
Net new orders (2):
	California		526	473	11%	7%
	Arizona		95	67	42%	20%
	Texas		309	235	31%	(2%)
	Colorado		83	53	57%	74%
		Total Southwest	487	355	37%	11%
	Florida		313	283	11%	(14%)
	Carolinas		245	200	23%	36%
		Total Southeast	558	483	16%	3%
		Total	1,571	1,311	20%	5%

__________________

(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 during such period of existing contracts for the purchase of homes.

-26-

				Three Months Ended March 31,
				2015		2014		% Change
				(Dollars in thousands)
Average selling prices of net new orders:
	California			$	688	$	646	7%
	Arizona				346		305	13%
	Texas				503		464	8%
	Colorado				527		480	10%
		Total Southwest			477		436	9%
	Florida				469		395	19%
	Carolinas				363		307	18%
		Total Southeast			423		359	18%
			Total	$	528	$	483	9%

			Three Months Ended March 31,
			2015	2014	% Change
Average number of selling communities during the period:
	California		48	46	4%
	Arizona		13	11	18%
	Texas		47	35	34%
	Colorado		9	10	(10%)
		Total Southwest	69	56	23%
	Florida		53	41	29%
	Carolinas		28	31	(10%)
		Total Southeast	81	72	13%
		Total	198	174	14%

Net new orders for the 2015 first quarter increased 20%, to 1,571 homes, from the prior year period on a 14% increase in average active selling communities.  Our monthly sales absorption rate for the 2015 first quarter was 2.6 per community, compared to 2.5 per community for the 2014 first quarter and 1.8 per community for the 2014 fourth quarter.  The increase in sales absorption rate from the 2014 fourth quarter to the 2015 first quarter was above the seasonality we typically experience in our business.  Our cancellation rate for the 2015 first quarter was 11%, compared to 14% for the 2014 first quarter and 21% for the 2014 fourth quarter, and down significantly from the average historical cancellation rate of approximately 22% we have experienced over the last 10 years.

			At March 31,
			2015				2014				% Change
			Homes		Dollar Value		Homes		Dollar Value		Homes		Dollar Value
Backlog ($ in thousands):
	California			532	$	408,967		530	$	360,371		0%		13%
	Arizona			134		48,814		109		38,032		23%		28%
	Texas			582		306,326		376		184,452		55%		66%
	Colorado			118		67,576		108		55,930		9%		21%
		Total Southwest		834		422,716		593		278,414		41%		52%
	Florida			563		320,119		552		248,543		2%		29%
	Carolinas			381		141,470		341		114,057		12%		24%
		Total Southeast		944		461,589		893		362,600		6%		27%
		Total		2,310	$	1,293,272		2,016	$	1,001,385		15%		29%

The dollar value of our backlog as of March 31, 2015 increased 29% from the year earlier period to $1.3 billion, or 2,310 homes.  Our consolidated average home price in backlog of $560 thousand as of March 31, 2015 increased 13% compared to $497 thousand at March 31, 2014, reflecting the continued execution of our move-up homebuyer focused strategy and a favorable pricing environment in select markets.

-27-

			At March 31,
			2015	2014	% Change
Homesites owned and controlled:
	California		9,880	9,545	4%
	Arizona		2,041	2,302	(11%)
	Texas		4,640	4,555	2%
	Colorado		1,047	1,254	(17%)
	Nevada		1,124	1,124	―
		Total Southwest	8,852	9,235	(4%)
	Florida		12,372	12,257	1%
	Carolinas		4,079	4,678	(13%)
		Total Southeast	16,451	16,935	(3%)
		Total (including joint ventures)	35,183	35,715	(1%)
	Homesites owned		29,184	28,743	2%
	Homesites optioned or subject to contract		5,801	6,707	(14%)
	Joint venture homesites (1)		198	265	(25%)
		Total (including joint ventures)	35,183	35,715	(1%)
Homesites owned:
	Raw lots		8,221	6,892	19%
	Homesites under development		7,659	9,811	(22%)
	Finished homesites		7,654	6,341	21%
	Under construction or completed homes		3,428	3,198	7%
	Held for sale		2,222	2,501	(11%)
		Total	29,184	28,743	2%

__________________

(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 March 31, 2015 decreased 1% from the year earlier period and 1% from the 35,430 homesites owned and controlled as of December 31, 2014.  We purchased $78.5 million of land (971 homesites) during the 2015 first quarter, of which 31% (based on homesites) was located in California, 28% in Texas, 21% in the Carolinas, 19% in Florida and 1% in Colorado.  As of March 31, 2015, we owned or controlled 35,183 homesites, of which 24,771 were owned and actively selling or under development, 5,999 were controlled or under option, and the remaining 4,413 homesites were held for future development or for sale.

			At March 31,
			2015	2014	% Change
Homes under construction:
	Homes under construction (excluding specs)		1,463	1,339	9%
	Speculative homes under construction		854	906	(6%)
		Total homes under construction	2,317	2,245	3%
Completed homes:
	Completed and unsold homes (excluding models)		424	368	15%
	Completed and under contract (excluding models)		338	295	15%
	Model homes		349	290	20%
		Total completed homes	1,111	953	17%

Homes under construction (excluding speculative homes) as of March 31, 2015 increased 9% compared to March 31, 2014, primarily the result of the 15% increase in homes in backlog.  Speculative homes under construction as of March 31, 2015 decreased 6% over the prior year period, but remain in line with our strategy to maintain a supply of speculative homes in each community.

Financial Services

In the 2015 first quarter our mortgage financing subsidiary reported pretax income of approximately $0.8 million compared to $1.5 million in the year earlier period.  The decrease was driven primarily by lower margins on loan sales, partially offset by an 18% increase in the dollar volume of loans originated and sold and a $0.2 million decrease in loan loss reserve expense related to indemnification and repurchase reserves.

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

			Three Months Ended March 31,
			2015	2014
			(Dollars in thousands)
Total Originations:
	Loans		603	587
	Principal		$214,822	$184,961
	Capture Rate		77%	76%
Loans Sold to Third Parties:
	Loans		831	746
	Principal		$282,689	$236,229
Mortgage Loan Origination Product Mix:
	FHA loans		9%	10%
	Other government loans (VA & USDA)		7%	9%
		Total government loans	16%	19%
	Conforming loans		79%	76%
	Jumbo loans		5%	5%
			100%	100%
Loan Type:
	Fixed		91%	93%
	ARM		9%	7%
Credit Quality:
	Avg. FICO score		751	751
Other Data:
	Avg. combined LTV ratio		79%	82%
	Full documentation loans		100%	100%

Income Taxes

Our 2015 first quarter provision for income taxes of $16.9 million primarily relates to our $48.5 million of pretax income.  As of March 31, 2015, we had a $275.1 million deferred tax asset which was offset by a valuation allowance of $1.4 million related to state net operating loss carryforwards that are limited by shorter carryforward periods.  As of such date, $112.6 million of our deferred tax asset related to net operating loss carryforwards that are subject to the Section 382 gross annual limitation of $15.6 million for both federal and state purposes.  The $162.5 million balance of the deferred tax asset is not subject to such limitations.

Liquidity and Capital Resources

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

·  land acquisition ·  homebuilder acquisitions ·  construction and development ·  operating expenses ·  principal and interest payments on debt ·  cash collateralization ·  stock repurchases

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 three months ended March 31, 2015, we used $94.1 million of cash in operating activities versus $117.6 million in the year earlier period.  The decrease in cash used in operating activities during the

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 2015 first quarter as compared to the prior year period was driven primarily by a $63.7 million decrease in cash land purchase and development costs and a 2% increase in homebuilding revenues, partially offset by a 3% increase in total homes under construction at March 31, 2015 compared to March 31, 2014.  As of March 31, 2015, our homebuilding cash balance was $120.2 million (including $39.2 million of restricted cash).

Revolving Credit Facility.  As of March 31, 2015, we were party to a $450 million unsecured revolving credit facility (the "Revolving Facility") which matures in July 2018.  The Revolving Facility has an accordion feature under which the aggregate commitment may be increased to a maximum amount of $750 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.  Our covenant compliance for the Revolving Facility is set forth in the table below: 

Covenant and Other Requirements		Actual at March 31, 2015	Covenant Requirements at March 31, 2015
		(Dollars in millions)
Consolidated Tangible Net Worth (1)		$1,688.0	≥	$999.0
Leverage Ratio:
	Net Homebuilding Debt to Adjusted Consolidated Tangible Net Worth Ratio (2)	1.24	≤	2.00
Land Not Under Development Ratio:
	Land Not Under Development to Consolidated Tangible Net Worth Ratio (3)	0.23	≤	1.00
Liquidity or Interest Coverage Ratio (4):
	Liquidity	$77.2	≥	$145.9
	EBITDA (as defined in the Revolving Facility) to Consolidated Interest Incurred (5)	2.64	≥	1.25
Investments in Homebuilding Joint Ventures or Consolidated Homebuilding Non-Guarantor Entities (6)		$262.4	≤	$670.8
Actual/Permitted Borrowings under the Revolving Facility (7)		$15.0	≤	$450.0

__________________

(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) Net Homebuilding Debt represents Consolidated Homebuilding Debt reduced for certain cash balances in excess of $5 million.

(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 incurred for the previous four fiscal quarters or (ii) satisfy a minimum interest coverage ratio.  At March 31, 2015, we met the condition described in clause (ii).

(5) 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 March 31, 2015, our availability under the Revolving Facility was $435 million. 

Letter of Credit Facilities.  As of March 31, 2015, we were party to five committed letter of credit facilities totaling $58 million, of which $37.9 million was outstanding.  These facilities require cash collateralization and have maturity dates ranging from October 2015 to October 2017.  As of March 31, 2015, these facilities were secured by cash collateral deposits of $38.5 million.  Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.

Senior and Convertible Senior Notes.  As of March 31, 2015, the principal amount outstanding on our senior and convertible senior notes payable consisted of the following:

	March 31, 2015
	(Dollars in thousands)
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
6¼% Senior Notes due December 2021		300,000
5⅞% Senior Notes due November 2024		300,000
1¼% Convertible Senior Notes due August 2032		253,000
	$	2,137,789

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These 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.  Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness.  The Company must also satisfy at least one of these two conditions to make restricted payments.  Restricted payments include dividends, stock repurchases and investments in and advances to our joint ventures and other unrestricted subsidiaries.  Our ability to make restricted payments is also subject to a basket limitation (as defined in the indenture). 

As of March 31, 2015, as illustrated in the table below, we were able to incur additional indebtedness and make restricted payments because we satisfied both conditions.   

Covenant Requirements		Actual at March 31, 2015	Covenant Requirements at March 31, 2015
Total Leverage Ratio:
	Indebtedness to Consolidated Tangible Net Worth Ratio	1.44	≤	2.25
Interest Coverage Ratio:
	EBITDA (as defined in the indenture) to Consolidated Interest Incurred	2.47	≥	2.00

Our 1¼% Convertible Senior Notes due 2032 (the "Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis.  The Convertible Notes bear interest at a rate of 1¼% per year and will mature on August 1, 2032, unless earlier converted, redeemed or repurchased.  The holders may convert their Convertible Notes at any time into shares of the Company's common stock at an initial conversion rate of 123.7662 shares of common stock per $1,000 principal amount of Convertible Notes (which is equal to an initial conversion price of approximately $8.08 per share), subject to adjustment.  The Company may not redeem the Convertible Notes prior to August 5, 2017.  On or after August 5, 2017 and prior to the maturity date, the Company may redeem for cash all or part of the Convertible Notes at a redemption price equal to 100% of the principal amount of the Convertible Notes being redeemed.  On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the Convertible Notes may require the Company to purchase all or any portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased.

Joint Venture Loans.  As described more particularly under the heading "Off-Balance Sheet Arrangements", 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 March 31, 2015, only one joint venture had bank debt outstanding, which totaled $30 million.  This joint venture bank debt was non-recourse to us.

Secured Project Debt and Other Notes Payable.  At March 31, 2015, we had $4.4 million outstanding in secured project debt and other notes payable.  Our secured project debt and other notes payable consist of seller non-recourse financing and community development district and similar assessment district bond financings used to finance land acquisition, development and infrastructure costs for which we are responsible. 

Mortgage Credit Facilities.  At March 31, 2015, we had $91.5 million outstanding under our mortgage financing subsidiary's mortgage credit facilities.  These mortgage credit facilities consist of a $125 million repurchase facility with one lender, maturing in May 2015, and a $75 million repurchase facility with another lender, maturing in October 2015.  These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.3 million as of March 31, 2015, and also contain 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

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(loss) requirements.  As of March 31, 2015, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

Standard Pacific Mortgage is currently negotiating an extension for the $125 million repurchase facility which matures on May 11, 2015.

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 obligations.  At March 31, 2015, we had approximately $524.6 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $330.0 million remaining in cost to complete.

Availability of Additional Liquidity.  Over the last several years we have focused on acquiring and developing strategically located and appropriately priced land and on designing and building highly desirable, amenity-rich communities and homes that appeal to the move-up and luxury home buying segments we target.  In the near term, so long as we are able to continue to find appropriately priced land opportunities, we plan to continue with this strategy.  To that end, we may utilize cash generated from our operating activities, our $450 million revolving credit facility (including through the exercise of the accordion feature which would allow the facility be increased up to $750 million, subject to the availability of additional capital commitments and certain other conditions) and the debt and equity capital markets to finance these activities.

It is important to note, however, that 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.

Dividends.  We did not pay dividends during the three months ended March 31, 2015.

Stock Repurchases.  On October 28, 2014, we announced that our Board of Directors authorized a $100 million stock repurchase plan.  During the three months ended March 31, 2015, we repurchased 3,226,691 shares of our common stock in open market transactions under the plan at prices ranging from $6.69 to $6.99.  As of March 31, 2015, we had remaining authorization to repurchase $41.3 million of our common stock.

Leverage.  Our homebuilding debt to total book capitalization as of March 31, 2015 was 56.0% and our adjusted net homebuilding debt to adjusted total book capitalization was 54.6%.  In addition, our homebuilding debt to adjusted homebuilding EBITDA for the trailing twelve month periods ended March 31, 2015 and 2014 was 4.6x and 4.5x, respectively, and our adjusted net homebuilding debt to adjusted homebuilding EBITDA was 4.4x and 4.0x, respectively (please see page 24 for the reconciliation of net cash provided by (used in) operating activities, calculated and presented in accordance with GAAP, to adjusted homebuilding EBITDA).  We believe that these adjusted ratios are useful to investors as additional measures of our ability to service debt.

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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 us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our 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 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 near-term use of funds from our corporate financing sources.  Option contracts generally require us to provide 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.

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 March 31, 2015, we had non-refundable cash deposits outstanding of approximately $38.7 million and capitalized pre-acquisition and other development and construction costs of approximately $6.3 million relating to land purchase and option contracts having a total remaining purchase price of approximately $382.9 million.

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

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 March 31, 2015, we held membership interests in 21 homebuilding and land development joint ventures, of which seven were active and 14 were inactive or winding down.  As of such date, only one joint venture had project specific debt outstanding, which totaled $30 million.   This joint venture debt is non-recourse to us and is scheduled to mature in June 2015.  At March 31, 2015, we had $0.1 million of joint venture surety bonds outstanding subject to indemnity arrangements by us related to one project which was substantially complete as of such date.

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

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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, 2014.

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.  Other than forward sales commitments in connection with preselling loans to third party investors, 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 three months ended March 31, 2015.  We have not entered into and currently do not hold derivatives for trading or speculative purposes.

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 facilities 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 risk, we remain subject to risk relating to investor non-performance, particularly during periods of significant market turmoil.  As of March 31, 2015, Standard Pacific Mortgage had approximately $99.0 million in closed mortgage loans held for sale and $94.5 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

As of the end of the period covered by this quarterly report on Form 10-Q, we carried out an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation 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 its subsidiaries required to be included in our periodic SEC filings.  Based on that

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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;

· housing market and economic conditions and trends in the geographic markets in which we operate;

· our land acquisition strategy and our sources of funds relating thereto;

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

· litigation outcomes and related costs;

· amounts remaining to complete relating to existing surety bonds; and

· the impact of recent accounting standards.

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:

· the market value and availability of land;

· our dependence on the California 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;

· adverse economic developments that negatively impact the demand for homes;

· high cancellation rates;

· the risk of our longer term acquisition strategy;

· the cost and availability of labor and materials;

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

· adverse weather conditions and natural disasters;

· drought conditions in California;

· litigation and warranty claims;

· the inherent danger of our building sites;

· our reliance on subcontractors and their ability to construct our homes;

· risks relating to our mortgage financing activities, including our obligation to repurchase loans we previously sold in the secondary market;

· 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;

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· the adverse effects of negative media publicity;

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

· increased regulation of the mortgage industry;

· changes to tax laws that make homeownership more expensive;

· the impact of "slow growth", "no growth" and similar initiatives;

· 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;

· the amount of, and our ability to repay, renew or extend, our outstanding debt and its impact on our operations and our ability to obtain financing;

· our ability to generate cash, including to service our debt;

· 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 ventures, 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;

· the provisions of our charter, bylaws, stockholders' rights agreements and debt covenants that could prevent a third party from acquiring us or limit the price investors might be willing to pay for shares of our common stock; 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, 2014.

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

Except as described below, 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, 2014.  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, 2014.

Drought conditions in California may disrupt, delay or halt construction projects in California. 

The State of California is experiencing an extreme drought.  As a result, on April 1, 2015, Governor Brown issued an executive order directing the State Water Resources Control Board to impose restrictions on water agencies to cause them to achieve a 25% reduction in potable residential water usage through February 28, 2016.  The State Water Resources Control Board issued a draft Drought Emergency Water Conservation Program on April 20, 2015 that establishes water savings targets of 8-36% for each local water supplier.  The water conservation program largely permits local water districts to decide on how to achieve required water savings.  As a result, implementation of the water conservation program will be different in each locality.  While local implementation plans continue to evolve and the current impact of implementation on new home construction is uncertain, the potential exists that some jurisdictions may slow or even stop issuing permits for new water meters.  In such cases, our projects could be delayed or halted, adversely impacting our profitability and financial condition.

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

During the three months ended March 31, 2015, we repurchased the following shares under our repurchase program:

			Total Number	Approximate
			of Shares	Dollar Value
			Purchased as	of Shares that
			Part of	May Yet be
		Average	Publicly	Purchased
	Total Number	Price	Announced	Under the
	of Shares	Paid per	Plans or	Plans or
Period	Purchased (1)	Share	Programs (1)	Programs (1)
January 1, 2015 to January 31, 2015	2,827,091	$6.80	2,827,091	$44,095,301
February 1, 2015 to February 28, 2015	399,600	$6.97	399,600	$41,311,731
March 1, 2015 to March 31, 2015	―	―	―	$41,311,731
Total	3,226,691		3,226,691

__________________

(1) On October 28, 2014, we announced that our Board of Directors authorized the repurchase of up to $100 million of our common stock. The stock repurchase plan authorized by the Board of Directors has no stated expiration date.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5.OTHER INFORMATION

Not applicable.

ITEM 6.EXHIBITS

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 March 31, 2015, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Unaudited Condensed Consolidated Financial Statements.

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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
		(Registrant)
Dated: May 1, 2015	By:	/s/ Scott D. Stowell
		Scott D. Stowell Chief Executive Officer (Principal Executive Officer)
Dated: May 1, 2015	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: May 1, 2015

/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: May 1, 2015

/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 March 31, 2015, 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, and

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

Dated: May 1, 2015

/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

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Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income	$ 31,605	$ 38,159
Less: Net income allocated to preferred shareholder	(7,662)	(9,147)
Less: Net income allocated to unvested restricted stock	(67)	(59)
Net income available to common stockholders for basic earnings per common share	23,876	28,953
Effect of dilutive securities:
Net income allocated to preferred shareholder	7,662	9,147
Net income available to common and preferred stock for diluted earnings per share	31,579	38,141
Denominator:
Weighted average basic common shares outstanding (in Shares)	273,635,605	277,948,342
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) (in Shares)	87,812,786	87,812,786
Total weighted average common shares outstanding if preferred shares converted to common shares (in Shares)	361,448,391	365,761,128
Effect of dilutive securities:
Share-based awards (in Shares)	5,443,367	6,633,777
Weighted average diluted shares outstanding (in Shares)	398,204,608	403,707,755
Income per common share:
Basic (in Dollars per share)	$ 0.09	$ 0.10
Diluted (in Dollars per share)	$ 0.08	$ 0.09
1¼% Convertible Senior Notes Due August 2032 [Member]
Effect of dilutive securities:
Interest on 1¼% convertible senior notes due 2032, included in cost of sales	$ 41	$ 41
Effect of dilutive securities:
1¼% convertible senior notes due 2032 (in Shares)	31,312,850	31,312,850

XML

Note 13 - Senior Notes Payable (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Note 13 - Senior Notes Payable (Details) [Line Items]
Maximum Carve-out In Credit Facility Indebtedness (in Dollars)	$ 1,100,000,000
Debt Instrument, Repurchase Price, Percentage	100.00%
1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) [Line Items]
Debt Instrument, Convertible, Conversion Ratio	123.7662
Debt Instrument, Convertible, Principal Amount Used In Conversion Rate Calculation (in Dollars)	$ 1,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)	$ 8.08
Debt Instrument, Redemption Price, Percentage	100.00%

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Asset Impairment Charges	$ 0		$ 0
Interest capitalized in ending investments in unconsolidated joint ventures	$ 1,067,000	[1]	$ 1,511,000	[1]	$ 700,000

[1] During the three months ended March 31, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.

XML

Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	$ 2,132,229	$ 2,131,393
Homebuilding [Member] | 7% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	29,789	29,789
Homebuilding [Member] | 10¾% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	273,655	272,684
Homebuilding [Member] | 8⅜% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	578,066	578,278
Homebuilding [Member] | 8⅜% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	397,719	397,642
Homebuilding [Member] | 6¼% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	300,000	300,000
Homebuilding [Member] | 5⅞% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	300,000	300,000
Homebuilding [Member] | 1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	253,000	253,000
Homebuilding [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable [Line Items]
Senior Notes	$ 2,132,229	$ 2,131,393

XML

Note 8 - Capitalization of Interest (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Home Building Interest [Abstract]
Capitalized Interest Transferred From Investments In Unconsolidated Joint Ventures To Inventories Owned	$ 4.0

XML

Note 16 - Disclosures about Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

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

		Fair Value at
Description	Fair Value Hierarchy	March 31, 2015		December 31, 2014
		(Dollars in thousands)
Mortgage loans held for sale	Level 2	$	101,019	$	176,511

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

		March 31, 2015				December 31, 2014
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	$	18,518	$	18,518	$	14,380	$	14,380
Homebuilding liabilities:
Senior notes payable, net	Level 2	$	2,132,229	$	2,400,930	$	2,131,393	$	2,337,839

XML

Note 14 - Preferred Stock (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Note 14 - Preferred Stock (Details) [Line Items]
Preferred Stock, Shares Outstanding	267,829	267,829
Common Stock, Shares, Outstanding	274,390,765	275,141,189
Series B Preferred Stock [Member] | Owned by MatlinPatterson [Member]
Note 14 - Preferred Stock (Details) [Line Items]
Preferred Stock, Shares Outstanding	267,829
Convertible Preferred Stock, Number of Shares Converted	87,800,000
Series B Preferred Stock [Member]
Note 14 - Preferred Stock (Details) [Line Items]
Voting Power Limit	49.00%
Amount Used as Numerator in Calculating Conversion Shares (in Dollars)	1,000
Convertible Preferred Stock, Conversion Price (in Dollars per share)	3.05
Owned by MatlinPatterson [Member]
Note 14 - Preferred Stock (Details) [Line Items]
Common Stock, Shares, Outstanding	126,400,000
Outstanding Common Stock and Preferred Stock Ownership Percentage	59.00%

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Note 20 - Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information [Text Block]

20. Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 13 "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	136,892		$	219,728		$	113,658		$	-		$	470,278
Cost of sales		(103,358	)		(170,957	)		(81,858	)		-			(356,173	)
Gross margin		33,534			48,771			31,800			-			114,105
Selling, general and administrative expenses		(23,146	)		(32,750	)		(10,174	)		-			(66,070	)
Income (loss) from unconsolidated joint ventures		26			-			(477	)		-			(451	)
Equity income of subsidiaries		23,367			-			-			(23,367	)		-
Interest income (expense), net		3,223			(2,744	)		(479	)		-			-
Other income (expense)		(1,001	)		(148	)		853			-			(296	)
Homebuilding pretax income		36,003			13,129			21,523			(23,367	)		47,288
Financial Services:
Financial services pretax income		-			-			1,208			-			1,208
Income before taxes		36,003			13,129			22,731			(23,367	)		48,496
Provision for income taxes		(4,398	)		(7,324	)		(5,169	)		-			(16,891	)
Net income	$	31,605		$	5,805		$	17,562		$	(23,367	)	$	31,605

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	168,340		$	205,084		$	86,775		$	-		$	460,199
Cost of sales		(121,510	)		(154,822	)		(64,917	)		-			(341,249	)
Gross margin		46,830			50,262			21,858			-			118,950
Selling, general and administrative expenses		(23,805	)		(27,848	)		(6,937	)		-			(58,590	)
Income (loss) from unconsolidated joint ventures		(117	)		33			(353	)		-			(437	)
Equity income of subsidiaries		24,496			-			-			(24,496	)		-
Interest income (expense), net		3,689			(2,806	)		(883	)		-			-
Other income (expense)		(142	)		(30	)		159			-			(13	)
Homebuilding pretax income		50,951			19,611			13,844			(24,496	)		59,910
Financial Services:
Financial services pretax income		-			-			1,705			-			1,705
Income before taxes		50,951			19,611			15,549			(24,496	)		61,615
Provision for income taxes		(12,792	)		(7,255	)		(3,409	)		-			(23,456	)
Net income	$	38,159		$	12,356		$	12,140		$	(24,496	)	$	38,159

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	47,277		$	783	$	32,866	$	-		$	80,926
Restricted cash		-			-		39,241		-			39,241
Trade, intercompany and other receivables		1,773,943			10,318		185,082		(1,943,373	)		25,970
Inventories:
Owned		1,094,011			1,302,428		1,084,338		-			3,480,777
Not owned		19,678			22,031		9,147		-			50,856
Investments in unconsolidated joint ventures		(1,628	)		523		52,467		-			51,362
Investments in subsidiaries		971,327			-		-		(971,327	)		-
Deferred income taxes, net		281,516			-		-		(7,838	)		273,678
Other assets		31,582			6,910		1,380		-			39,872
Total Homebuilding Assets		4,217,706			1,342,993		1,404,521		(2,922,538	)		4,042,682
Financial Services:
Cash and equivalents		-			-		22,672		-			22,672
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		98,692		-			98,692
Mortgage loans held for investment, net		-			-		18,518		-			18,518
Other assets		-			-		9,896		(1,606	)		8,290
Total Financial Services Assets		-			-		151,073		(1,606	)		149,467
Total Assets	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	17,669		$	22,451	$	18,444	$	-		$	58,564
Accrued liabilities and intercompany payables		192,831			924,316		848,459		(1,765,760	)		199,846
Revolving credit facility		15,000			-		-		-			15,000
Secured project debt, other notes payable and intercompany loans		171,622			-		4,378		(171,622	)		4,378
Senior notes payable		2,132,229			-		-		-			2,132,229
Total Homebuilding Liabilities		2,529,351			946,767		871,281		(1,937,382	)		2,410,017
Financial Services:
Accounts payable and other liabilities		-			-		17,675		(15,435	)		2,240
Mortgage credit facilities		-			-		91,537		-			91,537
Total Financial Services Liabilities		-			-		109,212		(15,435	)		93,777
Total Liabilities		2,529,351			946,767		980,493		(1,952,817	)		2,503,794
Equity:
Total Stockholders' Equity		1,688,355			396,226		575,101		(971,327	)		1,688,355
Total Liabilities and Equity	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	133,304		$	1,061	$	46,063	$	-		$	180,428
Restricted cash		-			-		38,222		-			38,222
Trade, intercompany and other receivables		1,645,356			4,379		191,268		(1,821,998	)		19,005
Inventories:
Owned		1,059,197			1,234,233		961,774		-			3,255,204
Not owned		17,360			28,520		39,273		-			85,153
Investments in unconsolidated joint ventures		(1,653	)		497		51,267		-			50,111
Investments in subsidiaries		957,933			-		-		(957,933	)		-
Deferred income taxes, net		283,890			-		-		(7,488	)		276,402
Other assets		34,094			6,855		1,643		-			42,592
Total Homebuilding Assets		4,129,481			1,275,545		1,329,510		(2,787,419	)		3,947,117
Financial Services:
Cash and equivalents		-			-		31,965		-			31,965
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		174,420		-			174,420
Mortgage loans held for investment, net		-			-		14,380		-			14,380
Other assets		-			-		6,980		(1,737	)		5,243
Total Financial Services Assets		-			-		229,040		(1,737	)		227,303
Total Assets	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13,856		$	16,202	$	15,027	$	-		$	45,085
Accrued liabilities and intercompany payables		206,731			868,922		783,324		(1,635,194	)		223,783
Secured project debt, other notes payable and intercompany loans		100,813			-		4,689		(100,813	)		4,689
Senior notes payable		2,131,393			-		-		-			2,131,393
Total Homebuilding Liabilities		2,452,793			885,124		803,040		(1,736,007	)		2,404,950
Financial Services:
Accounts payable and other liabilities		-			-		18,585		(15,216	)		3,369
Mortgage credit facilities		-			-		169,413		(80,000	)		89,413
Total Financial Services Liabilities		-			-		187,998		(95,216	)		92,782
Total Liabilities		2,452,793			885,124		991,038		(1,831,223	)		2,497,732
Equity:
Total Stockholders' Equity		1,676,688			390,421		567,512		(957,933	)		1,676,688
Total Liabilities and Equity	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2015
	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	$	(26,142	)	$	(61,490	)	$	(6,439	)	$	-		$	(94,071	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		-			-			(7,639	)		-			(7,639	)
Distributions of capital from unconsolidated joint ventures		-			-			5,732			-			5,732
Loan to parent and subsidiaries		-			-			10,000			(10,000	)		-
Other investing activities		(1,080	)		(697	)		(4,200	)		-			(5,977	)
Net cash provided by (used in) investing activities		(1,080	)		(697	)		3,893			(10,000	)		(7,884	)
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(1,019	)		-			(1,019	)
Borrowings from revolving credit facility		27,700			-			-			-			27,700
Principal payments on revolving credit facility		(12,700	)		-			-			-			(12,700	)
Principal payments on secured project debt and other notes payable		-			-			(311	)		-			(311	)
Loan from subsidiary		70,000			-			-			(70,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(77,876	)		80,000			2,124
(Contributions to) distributions from Corporate and subsidiaries		9,973			-			(9,973	)		-			-
Repurchase of common stock		(22,073	)		-			-			-			(22,073	)
Issuance of common stock under employee stock plans		(3,930	)		-			-			-			(3,930	)
Excess tax benefits from share-based payment arrangements		3,369			-			-			-			3,369
Intercompany advances, net		(131,144	)		61,909			69,235			-			-
Net cash provided by (used in) financing activities		(58,805	)		61,909			(19,944	)		10,000			(6,840	)
Net increase (decrease) in cash and equivalents		(86,027	)		(278	)		(22,490	)		-			(108,795	)
Cash and equivalents at beginning of period		133,304			1,061			78,028			-			212,393
Cash and equivalents at end of period	$	47,277		$	783		$	55,538		$	-		$	103,598

	Three Months Ended March 31, 2014
	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	$	(36,848	)	$	(88,166	)	$	7,451		$	-		$	(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146			-			(2,933	)		-			(2,787	)
Distributions of capital from unconsolidated joint ventures		-			229			14,579			-			14,808
Loan to parent		-			-			(35,000	)		35,000			-
Other investing activities		(284	)		(387	)		(1,064	)		-			(1,735	)
Net cash provided by (used in) investing activities		(138	)		(158	)		(24,418	)		35,000			10,286
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(5,238	)		-			(5,238	)
Principal payments on secured project debt and other notes payable		-			-			(890	)		-			(890	)
Loan from subsidiary		35,000			-			-			(35,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(48,370	)		-			(48,370	)
(Contributions to) distributions from Corporate and subsidiaries		(4,400	)		-			4,400			-			-
Issuance of common stock under employee stock plans		3,596			-			-			-			3,596
Intercompany advances, net		(138,450	)		88,516			49,934			-			-
Net cash provided by (used in) financing activities		(104,254	)		88,516			(164	)		(35,000	)		(50,902	)
Net increase (decrease) in cash and equivalents		(141,240	)		192			(17,131	)		-			(158,179	)
Cash and equivalents at beginning of period		175,289			494			187,508			-			363,291
Cash and equivalents at end of period	$	34,049		$	686		$	170,377		$	-		$	205,112

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash	$ 33,270	$ 29,472
Inventories	193,740	197,727
Other assets	13,492	10,372
Total assets	240,502	237,571
Liabilities and Equity:
Accounts payable and accrued liabilities	15,010	16,173
Non-recourse debt	30,000	30,000
Standard Pacific equity	55,545	54,347
Other members' equity	139,947	137,051
Total liabilities and equity	240,502	237,571
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$ 51,362	$ 50,111

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Note 6 - Restricted Cash (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Note 6 - Restricted Cash (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 40,500
Homebuilding [Member]
Note 6 - Restricted Cash (Details) [Line Items]
Restricted Cash and Cash Equivalents	39,241	38,222
Financial Services [Member]
Note 6 - Restricted Cash (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 1,295	$ 1,295

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Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Homebuilding revenues:
Homebuilding revenues	$ 470,278	$ 460,199
Homebuilding pretax income:
Homebuilding pretax income	47,288	59,910
Homebuilding [Member] | CALIFORNIA
Homebuilding revenues:
Homebuilding revenues	185,621	219,479
Homebuilding pretax income:
Homebuilding pretax income	25,098	38,553
Homebuilding [Member] | Southwest [Member]
Homebuilding revenues:
Homebuilding revenues	138,208	107,207
Homebuilding pretax income:
Homebuilding pretax income	11,797	10,058
Homebuilding [Member] | Southeast [Member]
Homebuilding revenues:
Homebuilding revenues	146,449	133,513
Homebuilding pretax income:
Homebuilding pretax income	10,393	11,299
Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	470,278	460,199
Homebuilding pretax income:
Homebuilding pretax income	$ 47,288	$ 59,910

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Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) (USD $)	Mar. 31, 2015
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Cash Collateral Deposits	$ 38,500,000
Unsecured Revolving Credit Facility [Member]
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Line of Credit Facility, Current Borrowing Capacity	450,000,000
Maximum Aggregate Borrowing Commitment	750,000,000
Long-term Line of Credit	15,000,000
Line of Credit Facility, Remaining Borrowing Capacity	435,000,000
Letter of Credit [Member]
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	58,000,000
Letters of Credit Outstanding, Amount	$ 37,900,000

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Note 17 - Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Note 17 - Commitments and Contingencies (Details) [Line Items]
Non-refundable Cash Deposits	$ 38,700,000
Capitalized Preacquisition and Other Development and Construction Costs	6,300,000
Remaining Purchase Price of Land Purchase and Option Contracts	382,900,000
Number of Joint Ventures The Company Holds Membership Interest In	21
Number of Active Joint Ventures	7
Number of Inactive Joint Ventures	14
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company	1
Equity Method Investment Summarized Financial Information Non-recourse Debt	30,000,000		30,000,000
Outstanding Joint Venture Surety Bonds	100,000
Joint Venture Surety Bonds Cost to Complete	1
Outstanding Surety Bonds	524,600,000
Surety Bonds Cost to Complete	330,000,000
Mortgage Loans In Process	94,200,000
Mortgage Loans In Process, Interest Rate	3.70%
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	99,000,000
Mortgage Loans Committed to Sell to Investors	94,500,000
Aggregate Mortgage Loan Repurchase Payments	10,800,000
Mortgage Loans on Real Estate, New Mortgage Loans	9,300,000,000
MortgageLoanLossExpenseProvision	0	200,000
Mortgage Loan Repurchase Reserve	2,200,000
Mortgage Loan Repurchase Payments		200,000
Number of Loans Repurchased		3
Insurance and Litigation Accruals	62,300,000		62,800,000
Matures June, 2014 [Member]
Note 17 - Commitments and Contingencies (Details) [Line Items]
Equity Method Investment Summarized Financial Information Non-recourse Debt	$ 30,000,000

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Note 8 - Capitalization of Interest (Details) - Homebuilding Capitalized Interest (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Homebuilding Capitalized Interest [Abstract]
Total interest incurred	$ 41,803		$ 38,786
Less: Interest capitalized to inventories owned	(41,401)		(38,213)
Less: Interest capitalized to investments in unconsolidated joint ventures	(402)		(573)
Interest previously capitalized to inventories owned, included in cost of home sales	22,395		24,368
Interest previously capitalized to inventories owned, included in cost of land sales	243		615
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures			30
Interest capitalized in ending inventories owned (1)	294,370	[1]	257,981	[1]
Interest capitalized as a percentage of inventories owned	8.50%		9.40%
Interest capitalized in ending investments in unconsolidated joint ventures (1)	$ 1,067	[1]	$ 1,511	[1]	$ 700
Interest capitalized as a percentage of investments in unconsolidated joint ventures	2.10%		3.00%

[1] During the three months ended March 31, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.

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Note 4 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4. Earnings Per Common Share

We compute earnings per share in accordance with ASC Topic 260, Earnings per Share ("ASC 260"), which requires earnings 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 between the holders of common stock and a company's participating security holders. Under the two-class method, earnings 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 per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic 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 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 per common share, basic earnings 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 Series B Preferred Stock and convertible debt using the if-converted method. Under the two-class method of calculating diluted earnings per share, net income is reallocated to common stock, the Series B Preferred stock and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed. In the computation of diluted earnings per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings per share amounts as the holder of the Series B Preferred Stock has the same economic rights as the holders of the common stock.

The following table sets forth the components used in the computation of basic and diluted earnings per common share.

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands, except per share amounts)
Numerator:
Net income	$	31,605		$	38,159
Less: Net income allocated to preferred shareholder		(7,662	)		(9,147	)
Less: Net income allocated to unvested restricted stock		(67	)		(59	)
Net income available to common stockholders for basic earnings per common share		23,876			28,953
Effect of dilutive securities:
Net income allocated to preferred shareholder		7,662			9,147
Interest on 1¼% convertible senior notes due 2032, included in cost of sales		41			41
Net income available to common and preferred stock for diluted earnings per share	$	31,579		$	38,141
Denominator:
Weighted average basic common shares outstanding		273,635,605			277,948,342
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive)		87,812,786			87,812,786
Total weighted average common shares outstanding if preferred shares converted to common shares		361,448,391			365,761,128
Effect of dilutive securities:
Share-based awards		5,443,367			6,633,777
1¼% convertible senior notes due 2032		31,312,850			31,312,850
Weighted average diluted shares outstanding		398,204,608			403,707,755
Income per common share:
Basic	$	0.09		$	0.10
Diluted	$	0.08		$	0.09

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Note 18 - Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 18 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 16,891,000	$ 23,456,000
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	48,496,000	61,615,000
Deferred Tax Assets, Gross	275,100,000
Deferred Tax Assets, Valuation Allowance	1,400,000
Deferred Tax Assets, Operating Loss Carryforwards	127,600,000
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards	15,600,000
Deferred Tax Assets, Other	147,500,000
Subject to Federal and State Net Operating Loss Carryforward Limitations [Member]
Note 18 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	112,600,000
Not Limited by Section 382 [Member]
Note 18 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 15,000,000

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Note 7 - Inventories (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Note 7 - Inventories (Details) [Line Items]
Number of Active and Future Projects Owned	367	361
Impairment of Real Estate	$ 0	$ 0
Other Lot Option Contracts Net Of Deposits	4,533,000		37,681,000
Inventory Real Estate Not Owned	50,856,000		85,153,000
Land Option and Purchase Contracts [Member]
Note 7 - Inventories (Details) [Line Items]
Other Lot Option Contracts Net Of Deposits	1,400,000		7,600,000
Significant Deposits Paid Under Contract [Member]
Note 7 - Inventories (Details) [Line Items]
Other Lot Option Contracts Net Of Deposits			27,000,000
Acquisition Of Current and Future Communities [Member]
Note 7 - Inventories (Details) [Line Items]
Inventory Real Estate Not Owned	$ 3,100,000		$ 3,100,000

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Note 8 - Capitalization of Interest (Tables)

3 Months Ended

Mar. 31, 2015

Home Building Interest [Abstract]

Schedule of Capitalized Interest [Table Text Block]

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Total interest incurred	$	41,803		$	38,786
Less: Interest capitalized to inventories owned		(41,401	)		(38,213	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(402	)		(573	)
Interest expense	$	-		$	-
Interest previously capitalized to inventories owned, included in cost of home sales	$	22,395		$	24,368
Interest previously capitalized to inventories owned, included in cost of land sales	$	243		$	615
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures	$	-		$	30
Interest capitalized in ending inventories owned (1)	$	294,370		$	257,981
Interest capitalized as a percentage of inventories owned		8.5	%		9.4	%
Interest capitalized in ending investments in unconsolidated joint ventures (1)	$	1,067		$	1,511
Interest capitalized as a percentage of investments in unconsolidated joint ventures		2.1	%		3.0	%

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Note 7 - Inventories (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories Owned [Table Text Block]

	March 31, 2015
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,032,490	$	515,054	$	739,460	$	2,287,004
Homes completed and under construction		405,140		294,396		308,317		1,007,853
Model homes		83,047		43,090		59,783		185,920
Total inventories owned	$	1,520,677	$	852,540	$	1,107,560	$	3,480,777

	December 31, 2014
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,021,585	$	504,538	$	722,166	$	2,248,289
Homes completed and under construction		318,982		250,498		258,132		827,612
Model homes		81,763		44,437		53,103		179,303
Total inventories owned	$	1,422,330	$	799,473	$	1,033,401	$	3,255,204

Inventory Real Estate Not Owned [Table Text Block]

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Land purchase and lot option deposits	$	46,323	$	47,472
Other lot option contracts, net of deposits		4,533		37,681
Total inventories not owned	$	50,856	$	85,153

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Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Homebuilding [Member] | 7% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	7.00%	7.00%
Homebuilding [Member] | 10¾% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	10.75%	10.75%
Homebuilding [Member] | 8⅜% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	8.375%	8.375%
Homebuilding [Member] | 8⅜% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	8.375%	8.375%
Homebuilding [Member] | 6¼% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	6.25%	6.25%
Homebuilding [Member] | 5⅞% Senior Notes [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	5.875%	5.875%
Homebuilding [Member] | 1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	1.25%	1.25%
1¼% Convertible Senior Notes Due August 2032 [Member]
Note 13 - Senior Notes Payable (Details) - Senior Notes Payable (Parentheticals) [Line Items]
Interest rate	1.25%		1.25%

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Note 7 - Inventories (Details) - Inventories Owned (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	$ 2,287,004	$ 2,248,289
Homes completed and under construction, by segments	1,007,853	827,612
Model homes. by segments	185,920	179,303
Total inventories owned, by segments	3,480,777	3,255,204
Homebuilding: California [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	1,032,490	1,021,585
Homes completed and under construction, by segments	405,140	318,982
Model homes. by segments	83,047	81,763
Total inventories owned, by segments	1,520,677	1,422,330
Homebuilding: Southwest [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	515,054	504,538
Homes completed and under construction, by segments	294,396	250,498
Model homes. by segments	43,090	44,437
Total inventories owned, by segments	852,540	799,473
Homebuilding: Southeast [Member]
Note 7 - Inventories (Details) - Inventories Owned [Line Items]
Land and land under development, by segments	739,460	722,166
Homes completed and under construction, by segments	308,317	258,132
Model homes. by segments	59,783	53,103
Total inventories owned, by segments	$ 1,107,560	$ 1,033,401

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

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

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

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Revenues	$	-		$	31,224
Cost of sales and expenses		(2,845	)		(33,321	)
Income (loss) of unconsolidated joint ventures	$	(2,845	)	$	(2,097	)
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	(451	)	$	(437	)

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

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Assets:
Cash	$	33,270	$	29,472
Inventories		193,740		197,727
Other assets		13,492		10,372
Total assets	$	240,502	$	237,571
Liabilities and Equity:
Accounts payable and accrued liabilities	$	15,010	$	16,173
Non-recourse debt		30,000		30,000
Standard Pacific equity		55,545		54,347
Other members' equity		139,947		137,051
Total liabilities and equity	$	240,502	$	237,571
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$	51,362	$	50,111

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Note 10 - Warranty Costs (Tables)

3 Months Ended

Mar. 31, 2015

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Warranty accrual, beginning of the period	$	13,584		$	13,811
Warranty costs accrued during the period		1,775			1,183
Warranty costs paid during the period		(2,320	)		(1,361	)
Warranty accrual, end of the period	$	13,039		$	13,633

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Note 3 - Segment Reporting

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

3. Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations acquire and develop land and 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 many of 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 services operation provides title examinations for our homebuyers in Texas and Florida. Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our condensed consolidated financial statements under "Financial Services."

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating segments by centralizing key administrative functions such as accounting, 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. All of the expenses incurred by Corporate are allocated to each of our operating segments based on their respective percentage of revenues.

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

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Homebuilding revenues:
California	$	185,621	$	219,479
Southwest		138,208		107,207
Southeast		146,449		133,513
Total homebuilding revenues	$	470,278	$	460,199
Homebuilding pretax income:
California	$	25,098	$	38,553
Southwest		11,797		10,058
Southeast		10,393		11,299
Total homebuilding pretax income	$	47,288	$	59,910

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

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Homebuilding assets:
California	$	1,607,808	$	1,542,584
Southwest		877,207		826,489
Southeast		1,138,482		1,060,343
Corporate		419,185		517,701
Total homebuilding assets	$	4,042,682	$	3,947,117

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Note 13 - Senior Notes Payable (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Schedule of Debt [Table Text Block]

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
7% Senior Notes due August 2015	$	29,789	$	29,789
10¾% Senior Notes due September 2016, net of discount		273,655		272,684
8⅜% Senior Notes due May 2018, net of premium		578,066		578,278
8⅜% Senior Notes due January 2021, net of discount		397,719		397,642
6¼% Senior Notes due December 2021		300,000		300,000
5⅞% Senior Notes due November 2024		300,000		300,000
1¼% Convertible Senior Notes due August 2032		253,000		253,000
	$	2,132,229	$	2,131,393

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Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Parentheticals) (1¼% Convertible Senior Notes Due August 2032 [Member])	Mar. 31, 2015	Mar. 31, 2014
1¼% Convertible Senior Notes Due August 2032 [Member]
Note 4 - Earnings Per Common Share (Details) - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Parentheticals) [Line Items]
Interest on convertible senior notes	1.25%	1.25%

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Note 12 - Secured Project Debt and Other Notes Payable (Details) (Homebuilding [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Homebuilding [Member]
Note 12 - Secured Project Debt and Other Notes Payable (Details) [Line Items]
Secured Debt	$ 4,378	$ 4,689

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Homebuilding:
Home sale revenues	$ 468,379	$ 446,918
Land sale revenues	1,899	13,281
Total revenues	470,278	460,199
Cost of home sales	(354,817)	(328,245)
Cost of land sales	(1,356)	(13,004)
Total cost of sales	(356,173)	(341,249)
Gross margin	114,105	118,950
Selling, general and administrative expenses	(66,070)	(58,590)
Income (loss) from unconsolidated joint ventures	(451)	(437)
Other income (expense)	(296)	(13)
Homebuilding pretax income	47,288	59,910
Financial Services:
Revenues	4,919	4,984
Expenses	(4,101)	(3,440)
Other income	390	161
Financial services pretax income	1,208	1,705
Income before taxes	48,496	61,615
Provision for income taxes	(16,891)	(23,456)
Net income	31,605	38,159
Less: Net income allocated to preferred shareholder	(7,662)	(9,147)
Less: Net income allocated to unvested restricted stock	(67)	(59)
Net income available to common stockholders	$ 23,876	$ 28,953
Income Per Common Share:
Basic (in Dollars per share)	$ 0.09	$ 0.10
Diluted (in Dollars per share)	$ 0.08	$ 0.09
Weighted Average Common Shares Outstanding:
Basic (in Shares)	273,635,605	277,948,342
Diluted (in Shares)	310,391,822	315,894,969
Weighted average additional common shares outstanding if preferred shares converted to common shares (in Shares)	87,812,786	87,812,786
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in Shares)	398,204,608	403,707,755

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Note 7 - Inventories (Details) - Inventories Not Owned (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventories Not Owned [Abstract]
Land purchase and lot option deposits	$ 46,323	$ 47,472
Other lot option contracts, net of deposits	4,533	37,681
Total inventories not owned	$ 50,856	$ 85,153

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Note 1 - Basis of Presentation

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

1. Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of Standard Pacific Corp. and its wholly owned subsidiaries and have been prepared 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 March 31, 2015 and the results of operations and cash flows for the periods presented.

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, 2014. 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 16 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans (Fair Value, Inputs, Level 2 [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Note 16 - Disclosures about Fair Value (Details) - Fair Value of Mortgage Loans [Line Items]
Mortgage loans held for sale	$ 101,019	$ 176,511

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Note 20 - Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor Information [Abstract]

Supplemental Condensed Consolidating Statements of Operations [Table Text Block]

	Three Months Ended March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	136,892		$	219,728		$	113,658		$	-		$	470,278
Cost of sales		(103,358	)		(170,957	)		(81,858	)		-			(356,173	)
Gross margin		33,534			48,771			31,800			-			114,105
Selling, general and administrative expenses		(23,146	)		(32,750	)		(10,174	)		-			(66,070	)
Income (loss) from unconsolidated joint ventures		26			-			(477	)		-			(451	)
Equity income of subsidiaries		23,367			-			-			(23,367	)		-
Interest income (expense), net		3,223			(2,744	)		(479	)		-			-
Other income (expense)		(1,001	)		(148	)		853			-			(296	)
Homebuilding pretax income		36,003			13,129			21,523			(23,367	)		47,288
Financial Services:
Financial services pretax income		-			-			1,208			-			1,208
Income before taxes		36,003			13,129			22,731			(23,367	)		48,496
Provision for income taxes		(4,398	)		(7,324	)		(5,169	)		-			(16,891	)
Net income	$	31,605		$	5,805		$	17,562		$	(23,367	)	$	31,605

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	168,340		$	205,084		$	86,775		$	-		$	460,199
Cost of sales		(121,510	)		(154,822	)		(64,917	)		-			(341,249	)
Gross margin		46,830			50,262			21,858			-			118,950
Selling, general and administrative expenses		(23,805	)		(27,848	)		(6,937	)		-			(58,590	)
Income (loss) from unconsolidated joint ventures		(117	)		33			(353	)		-			(437	)
Equity income of subsidiaries		24,496			-			-			(24,496	)		-
Interest income (expense), net		3,689			(2,806	)		(883	)		-			-
Other income (expense)		(142	)		(30	)		159			-			(13	)
Homebuilding pretax income		50,951			19,611			13,844			(24,496	)		59,910
Financial Services:
Financial services pretax income		-			-			1,705			-			1,705
Income before taxes		50,951			19,611			15,549			(24,496	)		61,615
Provision for income taxes		(12,792	)		(7,255	)		(3,409	)		-			(23,456	)
Net income	$	38,159		$	12,356		$	12,140		$	(24,496	)	$	38,159

Supplemental Condensed Consolidating Balance Sheets [Table Text Block]

	March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	47,277		$	783	$	32,866	$	-		$	80,926
Restricted cash		-			-		39,241		-			39,241
Trade, intercompany and other receivables		1,773,943			10,318		185,082		(1,943,373	)		25,970
Inventories:
Owned		1,094,011			1,302,428		1,084,338		-			3,480,777
Not owned		19,678			22,031		9,147		-			50,856
Investments in unconsolidated joint ventures		(1,628	)		523		52,467		-			51,362
Investments in subsidiaries		971,327			-		-		(971,327	)		-
Deferred income taxes, net		281,516			-		-		(7,838	)		273,678
Other assets		31,582			6,910		1,380		-			39,872
Total Homebuilding Assets		4,217,706			1,342,993		1,404,521		(2,922,538	)		4,042,682
Financial Services:
Cash and equivalents		-			-		22,672		-			22,672
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		98,692		-			98,692
Mortgage loans held for investment, net		-			-		18,518		-			18,518
Other assets		-			-		9,896		(1,606	)		8,290
Total Financial Services Assets		-			-		151,073		(1,606	)		149,467
Total Assets	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	17,669		$	22,451	$	18,444	$	-		$	58,564
Accrued liabilities and intercompany payables		192,831			924,316		848,459		(1,765,760	)		199,846
Revolving credit facility		15,000			-		-		-			15,000
Secured project debt, other notes payable and intercompany loans		171,622			-		4,378		(171,622	)		4,378
Senior notes payable		2,132,229			-		-		-			2,132,229
Total Homebuilding Liabilities		2,529,351			946,767		871,281		(1,937,382	)		2,410,017
Financial Services:
Accounts payable and other liabilities		-			-		17,675		(15,435	)		2,240
Mortgage credit facilities		-			-		91,537		-			91,537
Total Financial Services Liabilities		-			-		109,212		(15,435	)		93,777
Total Liabilities		2,529,351			946,767		980,493		(1,952,817	)		2,503,794
Equity:
Total Stockholders' Equity		1,688,355			396,226		575,101		(971,327	)		1,688,355
Total Liabilities and Equity	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149

	December 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	133,304		$	1,061	$	46,063	$	-		$	180,428
Restricted cash		-			-		38,222		-			38,222
Trade, intercompany and other receivables		1,645,356			4,379		191,268		(1,821,998	)		19,005
Inventories:
Owned		1,059,197			1,234,233		961,774		-			3,255,204
Not owned		17,360			28,520		39,273		-			85,153
Investments in unconsolidated joint ventures		(1,653	)		497		51,267		-			50,111
Investments in subsidiaries		957,933			-		-		(957,933	)		-
Deferred income taxes, net		283,890			-		-		(7,488	)		276,402
Other assets		34,094			6,855		1,643		-			42,592
Total Homebuilding Assets		4,129,481			1,275,545		1,329,510		(2,787,419	)		3,947,117
Financial Services:
Cash and equivalents		-			-		31,965		-			31,965
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		174,420		-			174,420
Mortgage loans held for investment, net		-			-		14,380		-			14,380
Other assets		-			-		6,980		(1,737	)		5,243
Total Financial Services Assets		-			-		229,040		(1,737	)		227,303
Total Assets	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13,856		$	16,202	$	15,027	$	-		$	45,085
Accrued liabilities and intercompany payables		206,731			868,922		783,324		(1,635,194	)		223,783
Secured project debt, other notes payable and intercompany loans		100,813			-		4,689		(100,813	)		4,689
Senior notes payable		2,131,393			-		-		-			2,131,393
Total Homebuilding Liabilities		2,452,793			885,124		803,040		(1,736,007	)		2,404,950
Financial Services:
Accounts payable and other liabilities		-			-		18,585		(15,216	)		3,369
Mortgage credit facilities		-			-		169,413		(80,000	)		89,413
Total Financial Services Liabilities		-			-		187,998		(95,216	)		92,782
Total Liabilities		2,452,793			885,124		991,038		(1,831,223	)		2,497,732
Equity:
Total Stockholders' Equity		1,676,688			390,421		567,512		(957,933	)		1,676,688
Total Liabilities and Equity	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420

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

	Three Months Ended March 31, 2015
	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	$	(26,142	)	$	(61,490	)	$	(6,439	)	$	-		$	(94,071	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		-			-			(7,639	)		-			(7,639	)
Distributions of capital from unconsolidated joint ventures		-			-			5,732			-			5,732
Loan to parent and subsidiaries		-			-			10,000			(10,000	)		-
Other investing activities		(1,080	)		(697	)		(4,200	)		-			(5,977	)
Net cash provided by (used in) investing activities		(1,080	)		(697	)		3,893			(10,000	)		(7,884	)
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(1,019	)		-			(1,019	)
Borrowings from revolving credit facility		27,700			-			-			-			27,700
Principal payments on revolving credit facility		(12,700	)		-			-			-			(12,700	)
Principal payments on secured project debt and other notes payable		-			-			(311	)		-			(311	)
Loan from subsidiary		70,000			-			-			(70,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(77,876	)		80,000			2,124
(Contributions to) distributions from Corporate and subsidiaries		9,973			-			(9,973	)		-			-
Repurchase of common stock		(22,073	)		-			-			-			(22,073	)
Issuance of common stock under employee stock plans		(3,930	)		-			-			-			(3,930	)
Excess tax benefits from share-based payment arrangements		3,369			-			-			-			3,369
Intercompany advances, net		(131,144	)		61,909			69,235			-			-
Net cash provided by (used in) financing activities		(58,805	)		61,909			(19,944	)		10,000			(6,840	)
Net increase (decrease) in cash and equivalents		(86,027	)		(278	)		(22,490	)		-			(108,795	)
Cash and equivalents at beginning of period		133,304			1,061			78,028			-			212,393
Cash and equivalents at end of period	$	47,277		$	783		$	55,538		$	-		$	103,598

	Three Months Ended March 31, 2014
	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	$	(36,848	)	$	(88,166	)	$	7,451		$	-		$	(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146			-			(2,933	)		-			(2,787	)
Distributions of capital from unconsolidated joint ventures		-			229			14,579			-			14,808
Loan to parent		-			-			(35,000	)		35,000			-
Other investing activities		(284	)		(387	)		(1,064	)		-			(1,735	)
Net cash provided by (used in) investing activities		(138	)		(158	)		(24,418	)		35,000			10,286
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(5,238	)		-			(5,238	)
Principal payments on secured project debt and other notes payable		-			-			(890	)		-			(890	)
Loan from subsidiary		35,000			-			-			(35,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(48,370	)		-			(48,370	)
(Contributions to) distributions from Corporate and subsidiaries		(4,400	)		-			4,400			-			-
Issuance of common stock under employee stock plans		3,596			-			-			-			3,596
Intercompany advances, net		(138,450	)		88,516			49,934			-			-
Net cash provided by (used in) financing activities		(104,254	)		88,516			(164	)		(35,000	)		(50,902	)
Net increase (decrease) in cash and equivalents		(141,240	)		192			(17,131	)		-			(158,179	)
Cash and equivalents at beginning of period		175,289			494			187,508			-			363,291
Cash and equivalents at end of period	$	34,049		$	686		$	170,377		$	-		$	205,112

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Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	$ 103,598	$ 212,393	$ 205,112	$ 363,291
Restricted cash	40,500
Owned	3,480,777	3,255,204
Not owned	50,856	85,153
Investments in unconsolidated joint ventures	51,362	50,111
Total Assets	4,192,149	4,174,420
Senior notes payable	2,132,229	2,131,393
Total Liabilities	2,503,794	2,497,732
Total Stockholders' Equity	1,688,355	1,676,688
Total Liabilities and Equity	4,192,149	4,174,420
Homebuilding [Member] | Consolidation, Eliminations [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Trade, intercompany and other receivables	(1,943,373)	(1,821,998)
Investments in subsidiaries	(971,327)	(957,933)
Deferred income taxes, net	(7,838)	(7,488)
Total Assets	(2,922,538)	(2,787,419)
Accrued liabilities and intercompany payables	(1,765,760)	(1,635,194)
Secured project debt and other notes payable	(171,622)	(100,813)
Total Liabilities	(1,937,382)	(1,736,007)
Homebuilding [Member] | Parent Company [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	47,277	133,304
Trade, intercompany and other receivables	1,773,943	1,645,356
Owned	1,094,011	1,059,197
Not owned	19,678	17,360
Investments in unconsolidated joint ventures	(1,628)	(1,653)
Investments in subsidiaries	971,327	957,933
Deferred income taxes, net	281,516	283,890
Other assets	31,582	34,094
Total Assets	4,217,706	4,129,481
Accounts payable	17,669	13,856
Accrued liabilities and intercompany payables	192,831	206,731
Revolving credit facility	15,000
Secured project debt and other notes payable	171,622	100,813
Senior notes payable	2,132,229	2,131,393
Total Liabilities	2,529,351	2,452,793
Homebuilding [Member] | Guarantor Subsidiaries [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	783	1,061
Trade, intercompany and other receivables	10,318	4,379
Owned	1,302,428	1,234,233
Not owned	22,031	28,520
Investments in unconsolidated joint ventures	523	497
Other assets	6,910	6,855
Total Assets	1,342,993	1,275,545
Accounts payable	22,451	16,202
Accrued liabilities and intercompany payables	924,316	868,922
Total Liabilities	946,767	885,124
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	32,866	46,063
Restricted cash	39,241	38,222
Trade, intercompany and other receivables	185,082	191,268
Owned	1,084,338	961,774
Not owned	9,147	39,273
Investments in unconsolidated joint ventures	52,467	51,267
Other assets	1,380	1,643
Total Assets	1,404,521	1,329,510
Accounts payable	18,444	15,027
Accrued liabilities and intercompany payables	848,459	783,324
Secured project debt and other notes payable	4,378	4,689
Total Liabilities	871,281	803,040
Homebuilding [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	80,926	180,428
Restricted cash	39,241	38,222
Trade, intercompany and other receivables	25,970	19,005
Owned	3,480,777	3,255,204
Not owned	50,856	85,153
Investments in unconsolidated joint ventures	51,362	50,111
Deferred income taxes, net	273,678	276,402
Other assets	39,872	42,592
Total Assets	4,042,682	3,947,117
Accounts payable	58,564	45,085
Accrued liabilities and intercompany payables	199,846	223,783
Revolving credit facility	15,000
Secured project debt and other notes payable	4,378	4,689
Senior notes payable	2,132,229	2,131,393
Total Liabilities	2,410,017	2,404,950
Financial Services [Member] | Consolidation, Eliminations [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Other assets	(1,606)	(1,737)
Total Assets	(1,606)	(1,737)
Total Liabilities	(15,435)	(95,216)
Accounts payable and other liabilities	(15,435)	(15,216)
Mortgage credit facilities		(80,000)
Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	22,672	31,965
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	98,692	174,420
Mortgage loans held for investment, net	18,518	14,380
Other assets	9,896	6,980
Total Assets	151,073	229,040
Total Liabilities	109,212	187,998
Accounts payable and other liabilities	17,675	18,585
Mortgage credit facilities	91,537	169,413
Financial Services [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	22,672	31,965
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	98,692	174,420
Mortgage loans held for investment, net	18,518	14,380
Other assets	8,290	5,243
Total Assets	149,467	227,303
Total Liabilities	93,777	92,782
Accounts payable and other liabilities	2,240	3,369
Mortgage credit facilities	91,537	89,413
Consolidation, Eliminations [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Total Assets	(2,924,144)	(2,789,156)
Total Liabilities	(1,952,817)	(1,831,223)
Total Stockholders' Equity	(971,327)	(957,933)
Total Liabilities and Equity	(2,924,144)	(2,789,156)
Parent Company [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	47,277	133,304	34,049	175,289
Total Assets	4,217,706	4,129,481
Total Liabilities	2,529,351	2,452,793
Total Stockholders' Equity	1,688,355	1,676,688
Total Liabilities and Equity	4,217,706	4,129,481
Guarantor Subsidiaries [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	783	1,061	686	494
Total Assets	1,342,993	1,275,545
Total Liabilities	946,767	885,124
Total Stockholders' Equity	396,226	390,421
Total Liabilities and Equity	1,342,993	1,275,545
Non-Guarantor Subsidiaries [Member]
Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Balance Sheet [Line Items]
Cash and equivalents	55,538	78,028	170,377	187,508
Total Assets	1,555,594	1,558,550
Total Liabilities	980,493	991,038
Total Stockholders' Equity	575,101	567,512
Total Liabilities and Equity	$ 1,555,594	$ 1,558,550

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Note 17 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

17. 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 us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our 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 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 near-term 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.

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 March 31, 2015, we had non-refundable cash deposits outstanding of approximately $38.7 million and capitalized pre-acquisition and other development and construction costs of approximately $6.3 million relating to land purchase and option contracts having a total remaining purchase price of approximately $382.9 million.

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 March 31, 2015, we held membership interests in 21 homebuilding and land development joint ventures, of which seven were active and 14 were inactive or winding down. As of such date, only one joint venture had project specific debt outstanding, which totaled $30 million. This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2015. In addition, at March 31, 2015, we had $0.1 million of joint venture surety bonds outstanding subject to indemnity arrangements by us related to one project which was substantially complete as of such date.

c. Surety Bonds

We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects. At March 31, 2015, we had approximately $524.6 million in surety bonds outstanding (exclusive of surety bonds related to our joint ventures), with respect to which we had an estimated $330.0 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 facilities 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 $94.2 million at March 31, 2015 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 March 31, 2015, Standard Pacific Mortgage had approximately $99.0 million in closed mortgage loans held for sale and $94.5 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.

Substantially all of the loans originated by Standard Pacific Mortgage are sold with servicing rights released on a non-recourse basis. These sales are generally 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 March 31, 2015, we had incurred an aggregate of $10.8 million in losses related to loan repurchases and make-whole payments we had been required to make on the $9.3 billion total dollar value of the loans we originated from the beginning of 2004 through the end of the first quarter of 2015. During the three months ended March 31, 2015 and 2014, Standard Pacific Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0 and $0.2 million, respectively. As of March 31, 2015, Standard Pacific Mortgage had indemnity and repurchase allowances related to loans sold of approximately $2.2 million. In addition, during the 2014 first quarter, Standard Pacific Mortgage made make-whole payments totaling approximately $0.2 million related to three loans, and made no make-whole payments during the 2015 first quarter.

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 certain subcontractors that are added to our general liability insurance policy. We record allowances 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 March 31, 2015 and December 31, 2014 were $62.3 million and $62.8 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.

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Note 3 - Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Number of Operating Segments	2
Number of Reportable Segments	3

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Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

19. Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows

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

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Income taxes	$	12,059	$	2,991

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Note 2 - Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2015

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements [Text Block]

2. Recent Accounting Pronouncements

In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors ("ASU 2014-04"), which clarifies when an in-substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. For public companies, ASU 2014-04 is effective prospectively for interim and annual periods beginning after December 15, 2014. Our adoption of ASU 2014-04 on January 1, 2015 did not have an effect on our condensed consolidated financial statements.

In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. The new guidance requires expanded disclosures about discontinued operations, including more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. For public companies, the amendments in ASU 2014-08 are effective prospectively for interim and annual periods beginning after December 15, 2014. Our adoption of ASU 2014-08 on January 1, 2015 did not have an effect on our condensed consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which supersedes existing accounting literature relating to how and when a company recognizes revenue.  Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services.  For public companies, the amendments in ASU 2014-09 are effective for interim and annual reporting periods beginning after December 15, 2016, and are to be applied either with a full retrospective or modified retrospective approach, with early application not permitted.  We are currently evaluating the impact the adoption will have on our condensed consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic 718, Compensation — Stock Compensation ("ASC 718"), as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Our adoption of ASU 2014-12 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern, ("ASU 2014-15"), which requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. Our adoption of ASU 2014-15 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, ("ASU 2015-02"), which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Our adoption of ASU 2015-02 is not expected to have a material effect on our condensed consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, ("ASU 2015-03"), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in ASU 2015-03 are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Our adoption of ASU 2015-03 is not expected to have a material effect on our condensed consolidated financial statements.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Homebuilding:
Cash and equivalents	$ 103,598	$ 212,393
Restricted cash	40,500
Investments in unconsolidated joint ventures	51,362	50,111
Total Assets	4,192,149	4,174,420
Owned	3,480,777	3,255,204
Not owned	50,856	85,153
Homebuilding:
Senior notes payable	2,132,229	2,131,393
Total Liabilities	2,503,794	2,497,732
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 shares issued and outstanding at March 31, 2015 and December 31, 2014	3	3
Common stock, $0.01 par value; 600,000,000 shares authorized; 274,390,765 and 275,141,189 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	2,744	2,751
Additional paid-in capital	1,326,771	1,346,702
Accumulated earnings	358,837	327,232
Total Equity	1,688,355	1,676,688
Total Liabilities and Equity	4,192,149	4,174,420
Homebuilding [Member]
Homebuilding:
Cash and equivalents	80,926	180,428
Restricted cash	39,241	38,222
Trade and other receivables	25,970	19,005
Investments in unconsolidated joint ventures	51,362	50,111
Deferred income taxes, net of valuation allowance of $1,375 and $2,561 at March 31, 2015 and December 31, 2014, respectively	273,678	276,402
Other assets	39,872	42,592
Total Assets	4,042,682	3,947,117
Owned	3,480,777	3,255,204
Not owned	50,856	85,153
Homebuilding:
Accounts payable	58,564	45,085
Accrued liabilities	199,846	223,783
Revolving credit facility	15,000
Secured project debt and other notes payable	4,378	4,689
Senior notes payable	2,132,229	2,131,393
Total Liabilities	2,410,017	2,404,950
Financial Services [Member]
Homebuilding:
Cash and equivalents	22,672	31,965
Restricted cash	1,295	1,295
Mortgage loans held for sale, net	98,692	174,420
Mortgage loans held for investment, net	18,518	14,380
Other assets	8,290	5,243
Total Assets	149,467	227,303
Homebuilding:
Accounts payable and other liabilities	2,240	3,369
Mortgage credit facilities	91,537	89,413
Total Liabilities	$ 93,777	$ 92,782

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Note 12 - Secured Project Debt and Other Notes Payable

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

12. Secured Project Debt and Other Notes Payable

Our secured project debt and other notes payable consist of seller non-recourse financing and community development district and similar assessment district bond financings used to finance land acquisition, development and infrastructure costs for which we are responsible. At March 31, 2015, we had approximately $4.4 million outstanding in secured project debt and other notes payable.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
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		275,371,821
Amendment Flag	false
Entity Central Index Key	0000878560
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

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Note 13 - Senior Notes Payable

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

13. Senior Notes Payable

Senior notes payable consisted of the following at:

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
7% Senior Notes due August 2015	$	29,789	$	29,789
10¾% Senior Notes due September 2016, net of discount		273,655		272,684
8⅜% Senior Notes due May 2018, net of premium		578,066		578,278
8⅜% Senior Notes due January 2021, net of discount		397,719		397,642
6¼% Senior Notes due December 2021		300,000		300,000
5⅞% Senior Notes due November 2024		300,000		300,000
1¼% Convertible Senior Notes due August 2032		253,000		253,000
	$	2,132,229	$	2,131,393

The senior notes payable described above are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our 1¼% Convertible Senior Notes, are redeemable at our option, in whole or in part, pursuant to a "make whole" formula. These 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.  Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness.  The Company must also satisfy at least one of these two conditions to make restricted payments.  Restricted payments include dividends, stock repurchases and investments in and advances to our joint ventures and other unrestricted subsidiaries.  Our ability to make restricted payments is also subject to a basket limitation (as defined in the indentures).  As of March 31, 2015, we were able to incur additional indebtedness and make restricted payments because we satisfied both conditions. Many of our 100% owned direct and indirect subsidiaries (collectively, the "Guarantor Subsidiaries") guaranty our outstanding senior notes. The guarantees are full and unconditional, and joint and several. The indentures further provide that a Guarantor Subsidiary will be released and relieved of any obligations under its note guarantee in the event (i) of a sale or other disposition (whether by merger, stock purchase, asset sale or otherwise) of a Guarantor Subsidiary to an entity which is not Standard Pacific Corp. or a Guarantor Subsidiary; (ii) the requirements for legal defeasance or covenant defeasance have been satisfied; (iii) a Guarantor Subsidiary ceases to be a restricted subsidiary as the result of the Company owning less than 80% of such Guarantor Subsidiary; (iv) a Guarantor Subsidiary ceases to guarantee all other public notes of the Company; or (v) a Guarantor Subsidiary is designated as an Unrestricted Subsidiary under the indentures for covenant purposes. Please see Note 20 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group.

The 1¼% Convertible Senior Notes due 2032 (the "Convertible Notes") will mature on August 1, 2032, unless earlier converted, redeemed or repurchased. The holders may at any time convert their Convertible Notes into shares of the Company's common stock at an initial conversion rate of 123.7662 shares of common stock per $1,000 principal amount of Convertible Notes (which is equal to an initial conversion price of approximately $8.08 per share), subject to adjustment. On or after August 5, 2017, the Company may redeem for cash all or part of the Convertible Notes at a redemption price equal to 100% of the principal amount of the Convertible Notes being redeemed. On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the Convertible Notes may require the Company to purchase all or any portion of their Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Deferred income taxes, valuation allowance (in Dollars)	$ 1,400
Preferred stock, Par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, Shares authorized	10,000,000	10,000,000
Preferred stock, Shares issued	267,829	267,829
Preferred stock, Shares outstanding	267,829	267,829
Common stock, Par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, Shares authorized	600,000,000	600,000,000
Common stock, Shares issued	274,390,765	275,141,189
Common stock, Shares outstanding	274,390,765	275,141,189
Homebuilding [Member]
Deferred income taxes, valuation allowance (in Dollars)	$ 1,375	$ 2,561

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Note 7 - Inventories

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

7. Inventories

a. Inventories Owned

Inventories owned consisted of the following at:

	March 31, 2015
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,032,490	$	515,054	$	739,460	$	2,287,004
Homes completed and under construction		405,140		294,396		308,317		1,007,853
Model homes		83,047		43,090		59,783		185,920
Total inventories owned	$	1,520,677	$	852,540	$	1,107,560	$	3,480,777

	December 31, 2014
	California		Southwest		Southeast		Total
	(Dollars in thousands)
Land and land under development	$	1,021,585	$	504,538	$	722,166	$	2,248,289
Homes completed and under construction		318,982		250,498		258,132		827,612
Model homes		81,763		44,437		53,103		179,303
Total inventories owned	$	1,422,330	$	799,473	$	1,033,401	$	3,255,204

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. As of March 31, 2015 and 2014, the total active and future projects that we owned were 367 and 361, respectively.  During the three months ended March 31, 2015 and 2014, we reviewed all projects for indicators of impairment and based on our review we did not record any inventory impairments during these periods.

b. Inventories Not Owned

Inventories not owned consisted of the following at:

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Land purchase and lot option deposits	$	46,323	$	47,472
Other lot option contracts, net of deposits		4,533		37,681
Total inventories not owned	$	50,856	$	85,153

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 absorb 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. In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE. As of March 31, 2015 and December 31, 2014, we had consolidated $1.4 million and $7.6 million, respectively, within inventories not owned (with a corresponding increase in accrued liabilities) related to land option and purchase contracts where we were deemed to be the primary beneficiary of a VIE.

Other lot option contracts also included $3.1 million, as of March 31, 2015 and December 31, 2014, of purchase price allocated in connection with a business acquisition during the 2013 second quarter, and $27.0 million as of December 31, 2014 related to a land purchase contract where we made a significant deposit and as a result we were deemed to be economically compelled to purchase the land.

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Note 6 - Restricted Cash

3 Months Ended

Mar. 31, 2015

Restricted Cash And Cash Equivalents [Abstract]

Restricted Cash And Cash Equivalents [Text Block]

6. Restricted Cash

At March 31, 2015, restricted cash included $40.5 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 ($39.2 million of homebuilding restricted cash and $1.3 million of financial services restricted cash).

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Note 18 - Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

18. 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.

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 prior 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.

Our 2015 first quarter provision for income taxes of $16.9 million primarily related to our $48.5 million of pretax income. As of March 31, 2015, we had a $275.1 million deferred tax asset which was offset by a valuation allowance of $1.4 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. As of such date, $127.6 million of our deferred tax asset related to net operating loss carryforwards ($112.6 million was subject to the Section 382 gross annual limitation of $15.6 million for both federal and state purposes, and $15.0 million was not subject to such limitation). The remaining deferred tax asset balance of $147.5 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. In addition, as of March 31, 2015, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2010 through 2014.

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Note 14 - Preferred Stock

3 Months Ended

Mar. 31, 2015

Disclosure Text Block Supplement [Abstract]

Preferred Stock [Text Block]

14. Preferred Stock

Our Series B Preferred Stock is 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 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 also mandatorily converts into our common stock upon its sale, transfer or other disposition by MP CA Homes LLC ("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.

At March 31, 2015, MatlinPatterson owned 267,829 shares of Series B Preferred Stock, which are convertible into 87.8 million shares of our common stock. MatlinPatterson also owned 126.4 million shares of our common stock. As of March 31, 2015, the outstanding shares of Series B Preferred Stock on an as converted basis plus the common stock owned by MatlinPatterson represented approximately 59% of the total number of shares of our common stock outstanding on an if-converted basis.

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Note 10 - Warranty Costs

3 Months Ended

Mar. 31, 2015

Product Warranties Disclosures [Abstract]

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. 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:

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Warranty accrual, beginning of the period	$	13,584		$	13,811
Warranty costs accrued during the period		1,775			1,183
Warranty costs paid during the period		(2,320	)		(1,361	)
Warranty accrual, end of the period	$	13,039		$	13,633

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Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items]
Senior notes payable, net	$ 2,132,229	$ 2,131,393
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items]
Mortgage loans held for investment, net	18,518	14,380
Mortgage loans held for investment, net	18,518	14,380
Financial Services [Member]
Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items]
Mortgage loans held for investment, net	18,518	14,380
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items]
Senior notes payable, net	2,132,229	2,131,393
Senior notes payable, net	2,400,930	2,337,839
Homebuilding [Member]
Note 16 - Disclosures about Fair Value (Details) - Carrying Values and Estimated Fair Value of Other Financial Instruments [Line Items]
Senior notes payable, net	$ 2,132,229	$ 2,131,393

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Note 8 - Capitalization of Interest

3 Months Ended

Mar. 31, 2015

Home Building Interest [Abstract]

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. During the three months ended March 31, 2015 and 2014, our qualified assets exceeded our debt, and as a result, all of our homebuilding interest incurred during the three months ended March 31, 2015 and 2014 was capitalized 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 income (loss) from unconsolidated joint ventures and expensed as interest expense, for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Total interest incurred	$	41,803		$	38,786
Less: Interest capitalized to inventories owned		(41,401	)		(38,213	)
Less: Interest capitalized to investments in unconsolidated joint ventures		(402	)		(573	)
Interest expense	$	-		$	-
Interest previously capitalized to inventories owned, included in cost of home sales	$	22,395		$	24,368
Interest previously capitalized to inventories owned, included in cost of land sales	$	243		$	615
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures	$	-		$	30
Interest capitalized in ending inventories owned (1)	$	294,370		$	257,981
Interest capitalized as a percentage of inventories owned		8.5	%		9.4	%
Interest capitalized in ending investments in unconsolidated joint ventures (1)	$	1,067		$	1,511
Interest capitalized as a percentage of investments in unconsolidated joint ventures		2.1	%		3.0	%

(1) During the three months ended March 31, 2014, in connection with lot purchases from our joint ventures, $4.0 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.

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

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

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 condensed combined statements of operations for our unconsolidated land development and homebuilding joint ventures that we account for under the equity method:

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands)
Revenues	$	-		$	31,224
Cost of sales and expenses		(2,845	)		(33,321	)
Income (loss) of unconsolidated joint ventures	$	(2,845	)	$	(2,097	)
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	(451	)	$	(437	)

Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of our unconsolidated land development and homebuilding joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. In addition, we defer recognition of our share of income that relates to lots purchased by us from land development joint ventures until we ultimately sell the homes to be constructed to third parties, at which time we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures. For the three months ended March 31, 2015 and 2014, income (loss) from unconsolidated joint ventures was primarily attributable to our share of income (loss) related to our California joint ventures, which was allocated based on the provisions of the underlying joint venture operating agreements.

During each of the three months ended March 31, 2015 and 2014, all of our investments in unconsolidated joint ventures were reviewed for impairment. Based on the impairment review, no joint venture projects were determined to be impaired for the three months ended March 31, 2015 or 2014.

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

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Assets:
Cash	$	33,270	$	29,472
Inventories		193,740		197,727
Other assets		13,492		10,372
Total assets	$	240,502	$	237,571
Liabilities and Equity:
Accounts payable and accrued liabilities	$	15,010	$	16,173
Non-recourse debt		30,000		30,000
Standard Pacific equity		55,545		54,347
Other members' equity		139,947		137,051
Total liabilities and equity	$	240,502	$	237,571
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets	$	51,362	$	50,111

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 in prior periods against our joint venture investments and the impairments recorded by the applicable joint venture. As of March 31, 2015 and December 31, 2014, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $1.1 million and $0.7 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of March 31, 2015 and December 31, 2014, respectively, which capitalized interest is not included in the condensed 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 March 31, 2015, 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 either because they were not deemed to be VIEs and we did not have a controlling interest, or, if they were a VIE, we were not deemed to be the primary beneficiary.

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Note 11 - Revolving Credit Facility and Letter of Credit Facilities

3 Months Ended

Mar. 31, 2015

Lineof Credit Facility [Abstract]

Lineof Credit Facility [Text Block]

11. Revolving Credit Facility and Letter of Credit Facilities

As of March 31, 2015, we were party to a $450 million unsecured revolving credit facility (the "Revolving Facility") which matures in July 2018. The Revolving Facility has an accordion feature under which the aggregate commitment may be increased to a maximum amount of $750 million, subject to the availability of additional bank commitments and certain other conditions. As of March 31, 2015, the Revolving Facility contained 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 limitation on our investments in joint ventures. Interest rates charged under the Revolving Facility include LIBOR and prime rate pricing options. As of March 31, 2015, we satisfied the conditions that would allow us to borrow up to $450 million under the facility, of which $15 million in borrowings was outstanding, with $435 million of remaining availability.

As of March 31, 2015, we were party to five committed letter of credit facilities totaling $58 million, of which $37.9 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2015 to October 2017. As of March 31, 2015, these facilities were secured by cash collateral deposits of $38.5 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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Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Homebuilding:
Revenues	$ 470,278	$ 460,199
Cost of sales	(356,173)	(341,249)
Gross margin	114,105	118,950
Selling, general and administrative expenses	(66,070)	(58,590)
Income (loss) from unconsolidated joint ventures	(451)	(437)
Other income (expense)	(296)	(13)
Homebuilding pretax income (loss)	47,288	59,910
Financial Services:
Financial services pretax income (loss)	1,208	1,705
Income (loss) before income taxes	48,496	61,615
(Provision) benefit for income taxes	(16,891)	(23,456)
Net income (loss)	31,605	38,159
Consolidation, Eliminations [Member]
Homebuilding:
Equity income (loss) of subsidiaries	(23,367)	(24,496)
Homebuilding pretax income (loss)	(23,367)	(24,496)
Financial Services:
Income (loss) before income taxes	(23,367)	(24,496)
Net income (loss)	(23,367)	(24,496)
Parent Company [Member]
Homebuilding:
Revenues	136,892	168,340
Cost of sales	(103,358)	(121,510)
Gross margin	33,534	46,830
Selling, general and administrative expenses	(23,146)	(23,805)
Income (loss) from unconsolidated joint ventures	26	(117)
Equity income (loss) of subsidiaries	23,367	24,496
Interest expense	3,223	3,689
Other income (expense)	(1,001)	(142)
Homebuilding pretax income (loss)	36,003	50,951
Financial Services:
Income (loss) before income taxes	36,003	50,951
(Provision) benefit for income taxes	(4,398)	(12,792)
Net income (loss)	31,605	38,159
Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	219,728	205,084
Cost of sales	(170,957)	(154,822)
Gross margin	48,771	50,262
Selling, general and administrative expenses	(32,750)	(27,848)
Income (loss) from unconsolidated joint ventures		33
Interest expense	(2,744)	(2,806)
Other income (expense)	(148)	(30)
Homebuilding pretax income (loss)	13,129	19,611
Financial Services:
Income (loss) before income taxes	13,129	19,611
(Provision) benefit for income taxes	(7,324)	(7,255)
Net income (loss)	5,805	12,356
Non-Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	113,658	86,775
Cost of sales	(81,858)	(64,917)
Gross margin	31,800	21,858
Selling, general and administrative expenses	(10,174)	(6,937)
Income (loss) from unconsolidated joint ventures	(477)	(353)
Interest expense	(479)	(883)
Other income (expense)	853	159
Homebuilding pretax income (loss)	21,523	13,844
Financial Services:
Financial services pretax income (loss)	1,208	1,705
Income (loss) before income taxes	22,731	15,549
(Provision) benefit for income taxes	(5,169)	(3,409)
Net income (loss)	$ 17,562	$ 12,140

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Note 20 - Supplemental Guarantor Information (Details) - Condensed Consolidating Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$ (94,071)	$ (117,563)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(7,639)	(2,787)
Distributions of capital from unconsolidated homebuilding joint ventures	5,732	14,808
Other investing activities	(5,977)	(1,735)
Net cash provided by (used in) investing activities	(7,884)	10,286
Cash Flows From Financing Activities:
Change in restricted cash	(1,019)	(5,238)
Borrowings from revolving credit facility	27,700
Principal payments on revolving credit facility	(12,700)
Principal payments on secured project debt and other notes payable	(311)	(890)
Net proceeds from (payments on) mortgage credit facilities	2,124	(48,370)
Repurchase of common stock	(22,073)
Issuance of common stock under employee stock plans	(3,930)	3,596
Excess tax benefits from share-based payment arrangements	3,369
Net cash provided by (used in) financing activities	(6,840)	(50,902)
Net increase (decrease) in cash and equivalents	(108,795)	(158,179)
Cash and equivalents at beginning of period	212,393	363,291
Cash and equivalents at end of period	103,598	205,112
Consolidation, Eliminations [Member]
Cash Flows From Investing Activities:
Loan to parent and subsidiaries	(10,000)	35,000
Net cash provided by (used in) investing activities	(10,000)	35,000
Cash Flows From Financing Activities:
Loan from subsidiary	(70,000)	(35,000)
Net proceeds from (payments on) mortgage credit facilities	80,000
Net cash provided by (used in) financing activities	10,000	(35,000)
Parent Company [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(26,142)	(36,848)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146
Other investing activities	(1,080)	(284)
Net cash provided by (used in) investing activities	(1,080)	(138)
Cash Flows From Financing Activities:
Borrowings from revolving credit facility	27,700
Principal payments on revolving credit facility	(12,700)
Loan from subsidiary	70,000	35,000
(Contributions to) distributions from Corporate and subsidiaries	9,973	(4,400)
Repurchase of common stock	(22,073)
Issuance of common stock under employee stock plans	(3,930)	3,596
Excess tax benefits from share-based payment arrangements	3,369
Intercompany advances, net	(131,144)	(138,450)
Net cash provided by (used in) financing activities	(58,805)	(104,254)
Net increase (decrease) in cash and equivalents	(86,027)	(141,240)
Cash and equivalents at beginning of period	133,304	175,289
Cash and equivalents at end of period	47,277	34,049
Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(61,490)	(88,166)
Cash Flows From Investing Activities:
Distributions of capital from unconsolidated homebuilding joint ventures		229
Other investing activities	(697)	(387)
Net cash provided by (used in) investing activities	(697)	(158)
Cash Flows From Financing Activities:
Intercompany advances, net	61,909	88,516
Net cash provided by (used in) financing activities	61,909	88,516
Net increase (decrease) in cash and equivalents	(278)	192
Cash and equivalents at beginning of period	1,061	494
Cash and equivalents at end of period	783	686
Non-Guarantor Subsidiaries [Member]
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	(6,439)	7,451
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(7,639)	(2,933)
Distributions of capital from unconsolidated homebuilding joint ventures	5,732	14,579
Loan to parent and subsidiaries	10,000	(35,000)
Other investing activities	(4,200)	(1,064)
Net cash provided by (used in) investing activities	3,893	(24,418)
Cash Flows From Financing Activities:
Change in restricted cash	(1,019)	(5,238)
Principal payments on secured project debt and other notes payable	(311)	(890)
Net proceeds from (payments on) mortgage credit facilities	(77,876)	(48,370)
(Contributions to) distributions from Corporate and subsidiaries	(9,973)	4,400
Intercompany advances, net	69,235	49,934
Net cash provided by (used in) financing activities	(19,944)	(164)
Net increase (decrease) in cash and equivalents	(22,490)	(17,131)
Cash and equivalents at beginning of period	78,028	187,508
Cash and equivalents at end of period	$ 55,538	$ 170,377

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Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) - Supplemental Disclosures of Cash Flows Information (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash paid during the period for:
Income taxes	$ 12,059	$ 2,991

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Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

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

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Income taxes	$	12,059	$	2,991

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Note 10 - Warranty Costs (Details) - Warranty Costs Accrual (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Warranty Costs Accrual [Abstract]
Warranty accrual, beginning of the period	$ 13,584	$ 13,811
Warranty costs accrued during the period	1,775	1,183
Warranty costs paid during the period	(2,320)	(1,361)
Warranty accrual, end of the period	$ 13,039	$ 13,633

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Note 16 - Disclosures about Fair Value

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

16. 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.

The following table presents the Company’s financial instruments measured at fair value on a recurring basis:

		Fair Value at
Description	Fair Value Hierarchy	March 31, 2015		December 31, 2014
		(Dollars in thousands)
Mortgage loans held for sale	Level 2	$	101,019	$	176,511

Mortgage loans held for sale consist 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:

		March 31, 2015				December 31, 2014
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	$	18,518	$	18,518	$	14,380	$	14,380
Homebuilding liabilities:
Senior notes payable, net	Level 2	$	2,132,229	$	2,400,930	$	2,131,393	$	2,337,839

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 the estimated net realizable value of carrying the loans through disposition.

Senior Notes Payable – The senior 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, trade and other receivables, accounts payable, revolving credit facility borrowings, 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 3 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

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

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Homebuilding revenues:
California	$	185,621	$	219,479
Southwest		138,208		107,207
Southeast		146,449		133,513
Total homebuilding revenues	$	470,278	$	460,199
Homebuilding pretax income:
California	$	25,098	$	38,553
Southwest		11,797		10,058
Southeast		10,393		11,299
Total homebuilding pretax income	$	47,288	$	59,910

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	March 31,		December 31,
	2015		2014
	(Dollars in thousands)
Homebuilding assets:
California	$	1,607,808	$	1,542,584
Southwest		877,207		826,489
Southeast		1,138,482		1,060,343
Corporate		419,185		517,701
Total homebuilding assets	$	4,042,682	$	3,947,117

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Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Abstract]
Revenues		$ 31,224
Cost of sales and expenses	(2,845)	(33,321)
Income (loss) of unconsolidated joint ventures	(2,845)	(2,097)
Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$ (451)	$ (437)

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Note 5 - Stock-based Compensation (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Allocated Share-based Compensation Expense	$ 2.7	$ 2.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 11.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 328 days

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities:
Net income	$ 31,605	$ 38,159
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) loss from unconsolidated joint ventures	451	437
Depreciation and amortization	1,422	1,178
Loss on disposal of property and equipment	19	1
Amortization of stock-based compensation	2,695	2,372
Excess tax benefits from share-based payment arrangements	(3,369)
Deferred income tax provision	16,874	23,622
Changes in cash and equivalents due to:
Trade and other receivables	(7,008)	(17,549)
Mortgage loans held for sale	75,724	51,938
Inventories - owned	(199,972)	(188,759)
Inventories - not owned	(5,878)	(8,165)
Other assets	76	(833)
Accounts payable	13,479	1,376
Accrued liabilities	(20,189)	(21,340)
Net cash provided by (used in) operating activities	(94,071)	(117,563)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	(7,639)	(2,787)
Distributions of capital from unconsolidated joint ventures	5,732	14,808
Other investing activities	(5,977)	(1,735)
Net cash provided by (used in) investing activities	(7,884)	10,286
Cash Flows From Financing Activities:
Change in restricted cash	(1,019)	(5,238)
Borrowings from revolving credit facility	27,700
Principal payments on revolving credit facility	(12,700)
Principal payments on secured project debt and other notes payable	(311)	(890)
Net proceeds from (payments on) mortgage credit facilities	2,124	(48,370)
Repurchases of common stock	(22,073)
Issuance of common stock under employee stock plans	(3,930)	3,596
Excess tax benefits from share-based payment arrangements	3,369
Net cash provided by (used in) financing activities	(6,840)	(50,902)
Net increase (decrease) in cash and equivalents	(108,795)	(158,179)
Cash and equivalents at beginning of period	212,393	363,291
Cash and equivalents at end of year	103,598	205,112
Homebuilding restricted cash at end of period	39,241	26,698
Financial services restricted cash at end of period	1,295	1,295
Cash and equivalents and restricted cash at end of period	$ 144,134	$ 233,105

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Note 5 - Stock-based Compensation

3 Months Ended

Mar. 31, 2015

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

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

5. Stock-Based Compensation

We account for share-based awards in accordance with ASC 718 which requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans.

Total compensation expense recognized related to stock-based compensation was $2.7 million and $2.4 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, total unrecognized stock-based compensation expense was $11.6 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 1.9 years.

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Note 15 - Mortgage Credit Facilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Restricted Cash and Cash Equivalents	$ 40,500,000
Financial Services [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Warehouse Agreement Borrowings	91,537,000	89,413,000
Restricted Cash and Cash Equivalents	1,295,000	1,295,000
First Lender [Member] | Repurchase Facility [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	125,000,000
Second Lender [Member] | Repurchase Facility [Member]
Note 15 - Mortgage Credit Facilities (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000,000

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Note 4 - Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended March 31,
	2015			2014
	(Dollars in thousands, except per share amounts)
Numerator:
Net income	$	31,605		$	38,159
Less: Net income allocated to preferred shareholder		(7,662	)		(9,147	)
Less: Net income allocated to unvested restricted stock		(67	)		(59	)
Net income available to common stockholders for basic earnings per common share		23,876			28,953
Effect of dilutive securities:
Net income allocated to preferred shareholder		7,662			9,147
Interest on 1¼% convertible senior notes due 2032, included in cost of sales		41			41
Net income available to common and preferred stock for diluted earnings per share	$	31,579		$	38,141
Denominator:
Weighted average basic common shares outstanding		273,635,605			277,948,342
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive)		87,812,786			87,812,786
Total weighted average common shares outstanding if preferred shares converted to common shares		361,448,391			365,761,128
Effect of dilutive securities:
Share-based awards		5,443,367			6,633,777
1¼% convertible senior notes due 2032		31,312,850			31,312,850
Weighted average diluted shares outstanding		398,204,608			403,707,755
Income per common share:
Basic	$	0.09		$	0.10
Diluted	$	0.08		$	0.09

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Note 3 - Segment Reporting (Details) - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Homebuilding assets:
Assets, by segments	$ 4,192,149	$ 4,174,420
Homebuilding [Member] | CALIFORNIA
Homebuilding assets:
Assets, by segments	1,607,808	1,542,584
Homebuilding [Member] | Southwest [Member]
Homebuilding assets:
Assets, by segments	877,207	826,489
Homebuilding [Member] | Southeast [Member]
Homebuilding assets:
Assets, by segments	1,138,482	1,060,343
Homebuilding [Member] | Corporate, Non-Segment [Member]
Homebuilding assets:
Assets, by segments	419,185	517,701
Homebuilding [Member]
Homebuilding assets:
Assets, by segments	$ 4,042,682	$ 3,947,117

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Note 15 - Mortgage Credit Facilities

3 Months Ended

Mar. 31, 2015

Disclosure Of Warehouse Agreement Borrowings [Abstract]

Disclosure Of Warehouse Agreement Borrowings [Text Block]

15. Mortgage Credit Facilities

At March 31, 2015, we had $91.5 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consist of a $125 million repurchase facility with one lender, maturing in May 2015, and a $75 million repurchase facility with another lender, maturing in October 2015. These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.3 million as of March 31, 2015, and also contain 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 March 31, 2015, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

Standard Pacific Mortgage is currently negotiating an extension for the $125 million repurchase

facility which matures on May 11, 2015.