EX-12.1 3 dex121.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

Standard Pacific Corp.

Ratio of Earnings to Fixed Charges—Continuing Operations

(Dollars in thousands)

 

     Year Ended December 31,
     2006     2005    2004    2003    2002

Earnings:

              

Net income

    $ 123,693     $ 440,984    $ 315,817    $ 204,379    $ 118,689

Add:

              

Cash distributions of income from unconsolidated joint ventures

      75,422       61,725      67,457      63,905      18,034

Income taxes

      70,040       269,830      196,799      130,719      75,992

Expensing of previously capitalized interest included in cost of sales

      88,933       64,580      59,382      62,607      48,208

Interest portion of rent expense

      500       500      500      500      400

Less:

              

Income (loss) from unconsolidated joint ventures

      (1,880 )     61,196      45,906      57,069      24,450
                                   

Earnings:

    $ 360,468     $ 776,423    $ 594,049    $ 405,041    $ 236,873
                                   

Fixed charges:

              

Homebuilding interest incurred

    $ 148,335     $ 95,554    $ 87,085    $ 76,032    $ 56,667

Interest portion of rent expense

      500       500      500      500      400
                                   

Fixed Charges

    $ 148,835     $ 96,054    $ 87,585    $ 76,532    $ 57,067
                                   

Ratio of Earnings to Fixed Charges

      2.4       8.1      6.8      5.3      4.2