WCI Communities, Inc. - FORM 10-K - EX-12.1 - WCI COMMUNITIES, INC. STATEMENT OF THE COMPUTATIONS - February 22, 2016

Attached files

file filename
EX-21.1 - LIST OF SUBSIDIARIES OF WCI COMMUNITIES, INC. - WCI Communities, Inc.d103561dex211.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - WCI Communities, Inc.d103561dex311.htm
EX-32.2 - SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER - WCI Communities, Inc.d103561dex322.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - WCI Communities, Inc.d103561dex231.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - WCI Communities, Inc.d103561dex312.htm
EX-10.23 - WCI COMMUNITIES, INC. 2016 MANAGEMENT INCENTIVE COMPENSATION PLAN - WCI Communities, Inc.d103561dex1023.htm
EX-10.4(C) - ADDENDUM TO SECOND AMENDMENT TO REAL ESTATE BROKERAGE FRANCHISE AGREEMENT - WCI Communities, Inc.d103561dex104c.htm
EX-10.24 - WCI COMMUNITIES, INC. 2016 REAL ESTATE SERVICES INCENTIVE COMPENSATION PLAN - WCI Communities, Inc.d103561dex1024.htm
EX-10.25 - WCI COMMUNITIES, INC. 2016 DIRECTOR COMPENSATION PROGRAM FOR NON-EMPLOYEE DIRECT - WCI Communities, Inc.d103561dex1025.htm
EX-10.4(D) - THIRD AMENDMENT TO FRANCHISE AGREEMENT - WCI Communities, Inc.d103561dex104d.htm
EX-10.10(A) - AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT - WCI Communities, Inc.d103561dex1010a.htm
EX-10.11(A) - AMENDMENT TO NOTE, LOAN AGREEMENT AND OTHER LOAN DOCUMENTS - WCI Communities, Inc.d103561dex1011a.htm
10-K - FORM 10-K - WCI Communities, Inc.d103561d10k.htm
EX-32.1 - SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - WCI Communities, Inc.d103561dex321.htm

Exhibit 12.1

WCI Communities, Inc.

Statement of the Computations of the Ratio of Earnings to

Fixed Charges and Preferred Stock Dividends

($ in thousands)

 

    Years Ended December 31,  
    2015     2014     2013     2012     2011  

Earnings

          

Income (loss) from continuing operations before income taxes

   $ 55,654      $ 36,036      $ 20,776      $ (4,305 )    $ (54,453 ) 

Fixed charges

     19,490        17,793        15,143        17,016        19,246   

Amortization of capitalized interest

     10,903        6,306        4,257        2,304        988   

Capitalized interest

     (17,681 )      (15,719 )      (11,741 )      (9,249 )      (1,261 ) 

Distributions in excess of (less than) earnings for equity method investees

     —          —          123        (9 )      43   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings, as adjusted

   $ 68,366      $ 44,416      $ 28,558      $ 5,757      $ (35,437 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

          

Interest incurred, both expensed and capitalized

   $ 18,529      $ 16,859      $ 14,278      $ 16,227      $ 18,215   

Interest portion of rental expense

     961        934        865        789        1,031   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 19,490      $ 17,793      $ 15,143      $ 17,016      $ 19,246   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

     3.5            2.5            1.9            (A )      (A ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(A) Total earnings (loss), as adjusted, was inadequate to cover fixed charges for the years ended December 31, 2012 and 2011. Additional earnings of approximately $11.3 million and $54.7 million, respectively, would have been necessary to eliminate the respective deficits and bring the ratio of earnings to fixed charges to 1.0.

For the years indicated above, WCI Communities, Inc. had no outstanding shares of preferred stock with required dividend payments. Therefore, the ratios of earnings to fixed charges and preferred stock dividends were identical to the ratios presented in the above table.

WCI Communities, Inc. Reports