Note 19 - Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2011

Supplemental Guarantor Information [Text Block]

19. Supplemental Guarantor Information

Certain of our 100%  owned direct and indirect subsidiaries guarantee our outstanding senior and senior subordinated notes payable. The guarantees are full and unconditional and joint and several. Presented below are the consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Year Ended December 31, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	346,645		$	483,396		$	52,952		$	―		$	882,993
Cost of sales		(277,248	)		(400,150	)		(43,398	)		―			(720,796	)
Gross margin		69,397			83,246			9,554			―			162,197
Selling, general and administrative expenses		(79,469	)		(69,148	)		(5,758	)		―			(154,375	)
Income (loss) from unconsolidated joint ventures		653			(192	)		(254	)		―			207
Equity income (loss) of subsidiaries		756			―			―			(756	)		―
Interest expense		(3,036	)		(19,603	)		(2,529	)		―			(25,168	)
Other income (expense)		(802	)		(1,387	)		1,172			―			(1,017	)
Homebuilding pretax income (loss)		(12,501	)		(7,084	)		2,185			(756	)		(18,156	)
Financial Services:
Financial services pretax income (loss)		(177	)		177			1,683			―			1,683
Income (loss) before income taxes		(12,678	)		(6,907	)		3,868			(756	)		(16,473	)
(Provision) benefit for income taxes		(3,739	)		4,757			(962	)		―			56
Net income (loss)	$	(16,417	)	$	(2,150	)	$	2,906		$	(756	)	$	(16,417	)

	Year Ended December 31, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	401,476		$	444,773		$	66,169		$	―	$	912,418
Cost of sales		(295,214	)		(361,464	)		(53,896	)		―		(710,574	)
Gross margin		106,262			83,309			12,273			―		201,844
Selling, general and administrative expenses		(80,942	)		(65,113	)		(4,487	)		―		(150,542	)
Income (loss) from unconsolidated joint ventures		1,089			(319	)		396			―		1,166
Equity income (loss) of subsidiaries		(622	)		―			―			622		―
Interest expense		(16,468	)		(21,997	)		(1,709	)		―		(40,174	)
Loss on early extinguishment of debt		(30,028	)		―			―			―		(30,028	)
Other income (expense)		(536	)		(493	)		4,762			―		3,733
Homebuilding pretax income (loss)		(21,245	)		(4,613	)		11,235			622		(14,001	)
Financial Services:
Financial services pretax income (loss)		(142	)		142			1,720			―		1,720
Income (loss) before income taxes		(21,387	)		(4,471	)		12,955			622		(12,281	)
(Provision) benefit for income taxes		9,663			(1,893	)		(7,213	)		―		557
Net income (loss)	$	(11,724	)	$	(6,364	)	$	5,742		$	622	$	(11,724	)

	Year Ended December 31, 2009
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	459,876		$	570,156		$	136,365		$	―	$	1,166,397
Cost of sales		(403,261	)		(502,231	)		(119,083	)		―		(1,024,575	)
Gross margin		56,615			67,925			17,282			―		141,822
Selling, general and administrative expenses		(107,013	)		(78,748	)		(5,727	)		―		(191,488	)
Income (loss) from unconsolidated joint ventures		6,855			(7,768	)		(3,804	)		―		(4,717	)
Equity income (loss) of subsidiaries		(24,266	)		―			―			24,266		―
Interest expense		(20,722	)		(21,314	)		(5,422	)		―		(47,458	)
Gain (loss) on early extinguishment of debt		(6,931	)		―			―			―		(6,931	)
Other income (expense)		(2,753	)		(3,947	)		4,404			―		(2,296	)
Homebuilding pretax income (loss)		(98,215	)		(43,852	)		6,733			24,266		(111,068	)
Financial Services:
Financial services pretax income (loss)		(139	)		258			1,467			―		1,586
Income (loss) from continuing operations before income taxes		(98,354	)		(43,594	)		8,200			24,266		(109,482	)
(Provision) benefit for income taxes		84,568			12,403			(706	)		―		96,265
Income (loss) from continuing operations		(13,786	)		(31,191	)		7,494			24,266		(13,217	)
Loss from discontinued operations, net of income taxes		―			(569	)		―			―		(569	)
Net income (loss)	$	(13,786	)	$	(31,760	)	$	7,494		$	24,266	$	(13,786	)

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2011
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	66,757	$	176	$	339,852	$	―		$	406,785
Restricted cash		―		―		31,372		―			31,372
Trade and other receivables		485,835		5,435		23,898		(503,643	)		11,525
Inventories:
Owned		647,577		623,945		205,717		―			1,477,239
Not owned		6,123		51,684		2,033		―			59,840
Investments in unconsolidated joint ventures		24,082		2,340		55,385		―			81,807
Investments in subsidiaries		766,496		―		―		(766,496	)		―
Deferred income taxes, net		5,178		―		―		148			5,326
Other assets		32,496		2,965		232		―			35,693
Total Homebuilding Assets		2,034,544		686,545		658,489		(1,269,991	)		2,109,587
Financial Services:
Cash and equivalents		―		―		3,737		―			3,737
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		74,195		―			74,195
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,517		(3,063	)		1,454
Total Financial Services Assets		―		―		93,859		(3,063	)		90,796
Total Assets	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	6,911	$	9,887	$	1,031	$	―		$	17,829
Accrued liabilities		82,462		406,111		181,082		(483,765	)		185,890
Secured project debt and other notes payable		―		―		3,531		―			3,531
Senior notes payable		1,275,093		―		―		―			1,275,093
Senior subordinated notes payable		46,324		―		―		―			46,324
Total Homebuilding Liabilities		1,410,790		415,998		185,644		(483,765	)		1,528,667
Financial Services:
Accounts payable and other liabilities		―		―		5,947		(4,793	)		1,154
Mortgage credit facilities		―		―		64,808		(18,000	)		46,808
Total Financial Services Liabilities		―		―		70,755		(22,793	)		47,962
Total Liabilities		1,410,790		415,998		256,399		(506,558	)		1,576,629
Equity:
Total Stockholders' Equity		623,754		270,547		495,949		(766,496	)		623,754
Total Liabilities and Equity	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383

	December 31, 2010
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	260,869	$	217	$	459,430	$	―		$	720,516
Restricted cash		―		―		28,238		―			28,238
Trade and other receivables		411,804		2,225		7,555		(415,417	)		6,167
Inventories:
Owned		429,951		617,641		134,105		―			1,181,697
Not owned		10,405		5,239		3,355		―			18,999
Investments in unconsolidated joint ventures		17,203		2,316		54,342		―			73,861
Investments in subsidiaries		867,740		―		―		(867,740	)		―
Deferred income taxes, net		9,121		―		―		148			9,269
Other assets		33,994		4,024		168		(11	)		38,175
Total Homebuilding Assets		2,041,087		631,662		687,193		(1,283,020	)		2,076,922
Financial Services:
Cash and equivalents		―		―		10,855		―			10,855
Restricted cash		―		―		2,870		―			2,870
Mortgage loans held for sale, net		―		―		30,279		―			30,279
Mortgage loans held for investment, net		―		―		9,904		―			9,904
Other assets		―		―		5,003		(2,710	)		2,293
Total Financial Services Assets		―		―		58,911		(2,710	)		56,201
Total Assets	$	2,041,087	$	631,662	$	746,104	$	(1,285,730	)	$	2,133,123
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5,971	$	8,371	$	2,594	$	(220	)	$	16,716
Accrued liabilities		97,738		350,321		107,347		(412,279	)		143,127
Secured project debt and other notes payable		―		273		4,465		―			4,738
Senior notes payable		1,272,977		―		―		―			1,272,977
Senior subordinated notes payable		42,539		―		―		―			42,539
Total Homebuilding Liabilities		1,419,225		358,965		114,406		(412,499	)		1,480,097
Financial Services:
Accounts payable and other liabilities		―		―		4,811		(3,991	)		820
Mortgage credit facilities		―		―		31,844		(1,500	)		30,344
Total Financial Services Liabilities		―		―		36,655		(5,491	)		31,164
Total Liabilities		1,419,225		358,965		151,061		(417,990	)		1,511,261
Equity:
Total Stockholders' Equity		621,862		272,697		595,043		(867,740	)		621,862
Total Liabilities and Equity	$	2,041,087	$	631,662	$	746,104	$	(1,285,730	)	$	2,133,123

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Year Ended December 31, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(287,465	)	$	636		$	(35,784	)	$	―	$	(322,613	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(4,265	)		(216	)		(10,208	)		―		(14,689	)
Distributions from unconsolidated homebuilding joint ventures		751			―			7,842			―		8,593
Other investing activities		(1,512	)		(188	)		(517	)		―		(2,217	)
Net cash provided by (used in) investing activities		(5,026	)		(404	)		(2,883	)		―		(8,313	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(1,559	)		―		(1,559	)
Net proceeds from (principal payments on) secured project debt and other notes payable		―			(273	)		(934	)		―		(1,207	)
Payment of debt issuance costs		(4,575	)		―						―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			16,464			―		16,464
(Contributions to) distributions from Corporate and subsidiaries		102,000			―			(102,000	)		―		―
Payment of issuance costs in connection with exercise of Warrant for common stock		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		1,278			―			―			―		1,278
Net cash provided by (used in) financing activities		98,379			(273	)		(88,029	)		―		10,077
Net increase (decrease) in cash and equivalents		(194,112	)		(41	)		(126,696	)		―		(320,849	)
Cash and equivalents at beginning of year		260,869			217			470,285			―		731,371
Cash and equivalents at end of year	$	66,757		$	176		$	343,589		$	―	$	410,522

	Year Ended December 31, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(206,309	)	$	18,334		$	107,017		$	―	$	(80,958	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(3,260	)		(132	)		(36,121	)		―		(39,513	)
Distributions from unconsolidated homebuilding joint ventures		4			(1	)		7,637			―		7,640
Other investing activities		(705	)		(362	)		(515	)		―		(1,582	)
Net cash provided by (used in) investing activities		(3,961	)		(495	)		(28,999	)		―		(33,455	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(12,843	)		―		(12,843	)
Net proceeds from (principal payments on) secured project debt and other notes payable		(89,052	)		(18,024	)		23,514			―		(83,562	)
Principal payments on senior and senior subordinated notes payable		(792,389	)		―			―			―		(792,389	)
Proceeds from the issuance of senior notes payable		977,804			―			―			―		977,804
Payment of debt issuance costs		(17,215	)		―			―			―		(17,215	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(10,651	)		―		(10,651	)
(Contributions to) distributions from Corporate and subsidiaries		19,775			―			(19,775	)		―		―
Net proceeds from issuance of common stock		186,443			―			―			―		186,443
Excess tax benefits from share-based payment arrangements		27			―			―			―		27
Proceeds from the exercise of stock options		2,611			―			―			―		2,611
Net cash provided by (used in) financing activities		288,004			(18,024	)		(19,755	)		―		250,225
Net increase (decrease) in cash and equivalents		77,734			(185	)		58,263			―		135,812
Cash and equivalents at beginning of year		183,135			402			412,022			―		595,559
Cash and equivalents at end of year	$	260,869		$	217		$	470,285		$	―	$	731,371

	Year Ended December 31, 2009
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	244,354		$	33,519		$	139,457		$	2,500		$	419,830
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,127	)		(849	)		(26,624	)		―			(28,600	)
Distributions from unconsolidated homebuilding joint ventures		340			―			3,184			―			3,524
Other investing activities		(1,069	)		(268	)		(888	)		―			(2,225	)
Net cash provided by (used in) investing activities		(1,856	)		(1,117	)		(24,328	)		―			(27,301	)
Cash Flows From Financing Activities:
Change in restricted cash		4,222			―			(13,970	)		―			(9,748	)
Payments on revolving credit facility		(24,630	)		―			(22,870	)		―			(47,500	)
Net proceeds from (principal payments on) secured project debt and other notes payable		(6,058	)		(22,064	)		(97,862	)		―			(125,984	)
Principal payments on senior and senior subordinated notes payable		(429,559	)		―			(37,130	)		―			(466,689	)
Proceeds from the issuance of senior notes payable		257,592			―			―			―			257,592
Payment of debt issuance costs		(8,764	)		―			―			―			(8,764	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(20,160	)		(2,500	)		(22,660	)
(Contributions to) distributions from Corporate and subsidiaries		35,194			(10,376	)		(24,818	)		―			―
Excess tax benefits from share-based payment arrangements		297			―			―			―			297
Proceeds from the exercise of stock options		641			―			―			―			641
Net cash provided by (used in) financing activities		(171,065	)		(32,440	)		(216,810	)		(2,500	)		(422,815	)
Net increase (decrease) in cash and equivalents		71,433			(38	)		(101,681	)		―			(30,286	)
Cash and equivalents at beginning of year		111,702			440			513,703			―			625,845
Cash and equivalents at end of year	$	183,135		$	402		$	412,022		$	―		$	595,559