RYLAND GROUP INC - FORM 10-K - EX-12.1 - February 25, 2015

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Exhibit 12.1: Computation of Ratio of Earnings to Fixed Charges

  YEAR ENDED DECEMBER 31,   

(in thousands, except ratio)

     2010     2011     2012     2013     2014  
   

(Loss) income from continuing operations before taxes

   $ (80,497 ) $ (32,732 ) $ 43,967   $ 195,691   $ 284,464  

Share of distributed (income) loss of
50%-or-less-owned affiliates, net of equity pickup

     3,705     976     (1,218 )   (1,202 )   (1,414 )

Amortization of capitalized interest

     40,791     32,068     40,612     52,362     50,597  

Interest

     55,615     56,635     59,503     68,184     69,802  

Less: interest capitalized during the period

     (31,221 )   (38,032 )   (42,327 )   (59,208 )   (68,788 )

Interest portion of rental expense

     3,733     2,360     1,976     2,182     2,442  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(LOSS) EARNINGS

   $ (7,874 ) $ 21,275   $ 102,513   $ 258,009   $ 337,103  

Interest

  
$
55,615		  
$
56,635		  
$
59,503		  
$
68,184		  
$
69,802		  

Interest portion of rental expense

     3,733     2,360     1,976     2,182     2,442  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FIXED CHARGES

   $ 59,348   $ 58,995   $ 61,479   $ 70,366   $ 72,244  

(DEFICIENCY) SURPLUS

  
$
(67,222
)
$
(37,720
)
$
41,034		  
$
187,643		  
$
264,859		  

Ratio of earnings to fixed charges

    
–		    
–		    
1.67		    
3.67		    
4.67		  
   


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