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Exhibit 12.1
Standard Pacific Corp. and Subsidiaries
Ratio of Earnings to Fixed Charges - Continuing Operations
(Dollars in thousands)
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For the Nine Months
Ended
September 30, For the Year Ended December 31,
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2000 1999 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Fixed charges:
Total Interest Incurred $ 27,640 $ 26,491 $ 35,151 $ 29,010 $ 17,026 $16,687 $ 19,200
Interest factor in lease rentals 300 300 400 400 400 400 400
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Fixed Charges $ 27,940 $ 26,791 $ 35,551 $ 29,410 $ 17,426 $17,087 $ 19,600
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Earnings & Adjustments:
Income (loss) from continuing
operations before income taxes $ 98,224 $ 78,635 $114,063 $ 80,894 $ 41,046 $12,948 $(37,247)
Add (Deduct):
Noncash charges (1) - - 650 - - - 46,491
Income from unconsolidated
joint ventures (11,537) (5,148) (6,201) (4,158) (3,787) (4,708) (6,953)
Cash distributions from
unconsolidated joint ventures 6,032 6,363 6,363 4,270 1,197 7,950 6,000
Fixed charges, above 27,940 26,791 35,551 29,410 17,426 17,087 19,600
Capitalized interest (25,138) (25,463) (33,632) (27,842) (12,044) (9,545) (17,340)
Amortization of previously
capitalized interest 19,480 19,133 27,401 26,399 23,475 16,920 27,638
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Adjusted Earnings $115,001 $100,311 $144,195 $108,973 $ 67,313 $40,652 $ 38,189
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Ratio of Earnings to Fixed Charges 4.12 3.74 4.06 3.71 3.86 2.38 1.95
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(1) Noncash recurring charges of $650,000 in 1999 related to the write down of
leasehold improvements and $46.5 million in 1995 related to real estate
inventories in connection with the Company's adoption of Financial
Accounting Standards No. 121.
