<PAGE>
EXHIBIT 12.1
Standard Pacific Corp. and Subsidiaries
Ratio of Earnings to Fixed Charges - Continuing Operations
(Dollars in thousands)
<TABLE>
<CAPTION>
Six Months
Ended June 30, For the Year Ended December 31,
------------------- ----------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed charges:
Total Interest Incurred $ 16,854 $ 17,354 $ 35,151 $ 29,010 $ 17,026 $ 16,687 $ 19,200
Interest factor in lease rentals 200 200 400 400 400 400 400
-------- -------- -------- -------- -------- -------- --------
Fixed Charges $ 17,054 $ 17,554 $ 35,551 $ 29,410 $ 17,426 $ 17,087 $ 19,600
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Earnings & Adjustments:
Income (loss) from continuing operations
before income taxes $ 56,316 $ 51,156 $114,063 $ 80,894 $ 41,046 $ 12,948 $(37,247)
Add (Deduct):
Noncash charges (1) - - 650 - - - 46,491
Income from unconsolidated joint ventures (7,959) (4,884) (6,201) (4,158) (3,787) (4,708) (6,953)
Cash distributions from unconsolidated
joint ventures 4,264 6,300 6,363 4,270 1,197 7,950 6,000
Fixed charges, above 17,054 17,554 35,551 29,410 17,426 17,087 19,600
Capitalized interest (15,600) (16,827) (33,632) (27,842) (12,044) (9,545) (17,340)
Amortization of previously capitalized interest 10,915 12,593 27,401 26,399 23,475 16,920 27,638
-------- -------- -------- -------- -------- -------- --------
Adjusted Earnings $ 64,990 $ 65,892 $144,195 $108,973 $ 67,313 $ 40,652 $ 38,189
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Ratio of Earnings to Fixed Charges 3.81 3.75 4.06 3.71 3.86 2.38 1.95
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</TABLE>
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(1) The nonrecurring noncash charges of $650,000 in 1999 related to the write
down of leasehold improvements and the $46.5 million noncash charge
recorded in 1995 represents a pretax charge to operations for the Company's
adoption of Financial Accounting Standards No. 121.
