Exhibit 12.1
The St. Joe Company and Subsidiaries
Ratio/Deficiency of Earnings to Fixed Charges
Continuing Operations
(Dollars in thousands)
| Years Ended | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| EARNINGS: |
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| Income (loss) from operations before equity in loss from unconsolidated affiliates and income taxes |
$ | 6,423 | $ | (385,873 | ) | $ | (55,446 | ) | $ | (205,140 | ) | $ | (62,196 | ) | ||||||
| Plus: Fixed charges |
2,838 | 5,120 | 9,863 | 2,100 | 7,391 | |||||||||||||||
| Less: Capitalized interest |
— | (243 | ) | (245 | ) | (44 | ) | (1,582 | ) | |||||||||||
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| Total Earnings (A) |
9,261 | (380,996 | ) | (45,828 | ) | (203,084 | ) | (56,387 | ) | |||||||||||
| FIXED CHARGES: |
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| Interest expensed |
$ | 2,820 | $ | 3,921 | $ | 8,612 | $ | 1,157 | $ | 4,483 | ||||||||||
| Interest capitalized |
— | 243 | 245 | 44 | 1,582 | |||||||||||||||
| Amortization of debt issuance costs |
— | 578 | 646 | 485 | 840 | |||||||||||||||
| Interest expense in rental expense |
18 | 378 | 360 | 414 | 486 | |||||||||||||||
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| Total fixed charges (B) |
2,838 | 5,120 | 9,863 | 2,100 | 7,391 | |||||||||||||||
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| RATIO (DEFICIENCY) OF EARNINGS TO FIXED CHARGES |
3.26 | $ | (386,116 | ) | $ | (55,691 | ) | $ | (205,184 | ) | $ | (63,778 | ) | |||||||
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