Note 21 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2013

Supplemental Guarantor Information [Text Block]

Supplemental Condensed Consolidating Statements of Operations [Table Text Block]

	Three Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	195,697		$	192,595		$	50,389		$	―		$	438,681
Cost of sales		(147,969	)		(146,740	)		(41,210	)	―				(335,919	)
Gross margin		47,728			45,855			9,179		―				102,762
Selling, general and administrative expenses		(22,921	)		(26,630	)		(5,047	)	―				(54,598	)
Income (loss) from unconsolidated joint ventures		360			(52	)		(161	)	―				147
Equity income (loss) of subsidiaries		15,991		―			―				(15,991	)	―
Interest income (expense), net		4,282			(3,089	)		(1,193	)	―			―
Other income (expense)		(1,509	)		(141	)		403		―				(1,247	)
Homebuilding pretax income (loss)		43,931			15,943			3,181			(15,991	)		47,064
Financial Services:
Financial services pretax income	―			―				4,080		―				4,080
Income (loss) before income taxes		43,931			15,943			7,261			(15,991	)		51,144
Provision for income taxes		(795	)		(5,555	)		(1,658	)	―				(8,008	)
Net income (loss)	$	43,136		$	10,388		$	5,603		$	(15,991	)	$	43,136

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)	―				(218,586	)
Gross margin		24,871			27,856			3,559		―				56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)	―				(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)	―				(1,146	)
Equity income (loss) of subsidiaries		2,783		―			―				(2,783	)	―
Interest income (expense), net		4,383			(4,343	)		(1,657	)	―				(1,617	)
Other income (expense)		(205	)		251			261		―				307
Homebuilding pretax income (loss)		12,411			3,140			(890	)		(2,783	)		11,878
Financial Services:
Financial services pretax income	―			―				2,574		―				2,574
Income (loss) before income taxes		12,411			3,140			1,684			(2,783	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)	―				(189	)
Net income (loss)	$	14,263		$	1,915		$	868		$	(2,783	)	$	14,263

	Six Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	370,932		$	343,984		$	81,486		$	―		$	796,402
Cost of sales		(285,055	)		(267,140	)		(66,919	)	―				(619,114	)
Gross margin		85,877			76,844			14,567		―				177,288
Selling, general and administrative expenses		(43,951	)		(48,676	)		(8,265	)	―				(100,892	)
Income (loss) from unconsolidated joint ventures		1,495			(124	)		(90	)	―				1,281
Equity income (loss) of subsidiaries		21,271		―			―				(21,271	)	―
Interest income (expense), net		9,285			(6,691	)		(2,594	)	―			―
Other income (expense)		1,998			(157	)		482		―				2,323
Homebuilding pretax income (loss)		75,975			21,196			4,100			(21,271	)		80,000
Financial Services:
Financial services pretax income	―			―				6,537		―				6,537
Income (loss) before income taxes		75,975			21,196			10,637			(21,271	)		86,537
Provision for income taxes		(11,015	)		(7,960	)		(2,602	)	―				(21,577	)
Net income (loss)	$	64,960		$	13,236		$	8,035		$	(21,271	)	$	64,960

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)	―				(397,547	)
Gross margin		41,171			52,442			7,414		―				101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)	―				(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)	―				(2,668	)
Equity income (loss) of subsidiaries		4,638		―			―				(4,638	)	―
Interest income (expense), net		7,739			(8,584	)		(3,302	)	―				(4,147	)
Other income (expense)		3,808			300			483		―				4,591
Homebuilding pretax income (loss)		20,031			5,517			(1,751	)		(4,638	)		19,159
Financial Services:
Financial services pretax income	―			―				4,003		―				4,003
Income (loss) before income taxes		20,031			5,517			2,252			(4,638	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)	―				(376	)
Net income (loss)	$	22,786		$	3,535		$	1,103		$	(4,638	)	$	22,786

Supplemental Condensed Consolidating Balance Sheets [Table Text Block]

	June 30, 2013
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	43,511	$	231	$	21,385	$	―		$	65,127
Restricted cash	―		―			25,462	―				25,462
Trade, intercompany and other receivables		1,127,189		13,871		145,690		(1,256,378	)		30,372
Inventories - owned		796,168		895,154		634,168	―				2,325,490
Inventories - not owned		3,537		38,825		37,772	―				80,134
Investments in unconsolidated joint ventures		75		672		56,739	―				57,486
Investments in subsidiaries		742,671	―		―			(742,671	)	―
Deferred income taxes, net		432,669	―		―			148			432,817
Other assets		39,805		4,213		2,801	―				46,819
Total Homebuilding Assets		3,185,625		952,966		924,017		(1,998,901	)		3,063,707
Financial Services:
Cash and equivalents	―		―			15,509	―				15,509
Restricted cash	―		―			1,795	―				1,795
Mortgage loans held for sale, net	―		―			107,580	―				107,580
Mortgage loans held for investment, net	―		―			11,264	―				11,264
Other assets	―		―			7,250		(2,692	)		4,558
Total Financial Services Assets	―		―			143,398		(2,692	)		140,706
Total Assets	$	3,185,625	$	952,966	$	1,067,415	$	(2,001,593	)	$	3,204,413
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	9,992	$	5,828	$	6,246	$	―		$	22,066
Accrued liabilities and intercompany payables		171,005		651,873		500,523		(1,115,056	)		208,345
Secured project debt and other notes payable		135,331	―			5,192		(135,331	)		5,192
Senior notes payable		1,531,829	―		―		―				1,531,829
Total Homebuilding Liabilities		1,848,157		657,701		511,961		(1,250,387	)		1,767,432
Financial Services:
Accounts payable and other liabilities	―		―			11,084		(8,535	)		2,549
Mortgage credit facilities	―		―			96,964	―				96,964
Total Financial Services Liabilities	―		―			108,048		(8,535	)		99,513
Total Liabilities		1,848,157		657,701		620,009		(1,258,922	)		1,866,945
Equity:
Total Stockholders' Equity		1,337,468		295,265		447,406		(742,671	)		1,337,468
Total Liabilities and Equity	$	3,185,625	$	952,966	$	1,067,415	$	(2,001,593	)	$	3,204,413

	December 31, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	154,722	$	114	$	185,072	$	―		$	339,908
Restricted cash	―		―			26,900	―				26,900
Trade, intercompany and other receivables		845,549		4,219		19,981		(859,025	)		10,724
Inventories - owned		759,553		766,188		445,677	―				1,971,418
Inventories - not owned		4,495		36,991		29,809	―				71,295
Investments in unconsolidated joint ventures		1,649		622		50,172	―				52,443
Investments in subsidiaries		717,205	―		―			(717,205	)	―
Deferred income taxes, net		455,224	―		―			148			455,372
Other assets		37,817		3,267		834	―				41,918
Total Homebuilding Assets		2,976,214		811,401		758,445		(1,576,082	)		2,969,978
Financial Services:
Cash and equivalents	―		―			6,647	―				6,647
Restricted cash	―		―			2,420	―				2,420
Mortgage loans held for sale, net	―		―			119,549	―				119,549
Mortgage loans held for investment, net	―		―			9,923	―				9,923
Other assets	―		―			7,249		(2,692	)		4,557
Total Financial Services Assets	―		―			145,788		(2,692	)		143,096
Total Assets	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	8,038	$	10,537	$	3,871	$	―		$	22,446
Accrued liabilities and intercompany payables		175,054		519,139		343,485		(839,534	)		198,144
Secured project debt and other notes payable		6,804	―			4,712	―				11,516
Senior notes payable		1,530,502	―		―		―				1,530,502
Total Homebuilding Liabilities		1,720,398		529,676		352,068		(839,534	)		1,762,608
Financial Services:
Accounts payable and other liabilities	―		―			11,026		(8,535	)		2,491
Mortgage credit facilities	―		―			105,659		(13,500	)		92,159
Total Financial Services Liabilities	―		―			116,685		(22,035	)		94,650
Total Liabilities		1,720,398		529,676		468,753		(861,569	)		1,857,258
Equity:
Total Stockholders' Equity		1,255,816		281,725		435,480		(717,205	)		1,255,816
Total Liabilities and Equity	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074

Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]

	Six Months Ended June 30, 2013
	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	$	(131,237	)	$	1,671		$	(19,638	)	$	―		$	(149,204	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(305	)		(43	)		(10,404	)	―				(10,752	)
Distributions of capital from unconsolidated homebuilding joint ventures		―		―				1,569		―				1,569
Net cash paid for acquisitions		(113,793	)	―				―		―				(113,793	)
Loan to parent		―		―				(135,000	)	135,000				―
Other investing activities		(669	)		(1,511	)		(1,698	)	―				(3,878	)
Net cash provided by (used in) investing activities		(114,767	)		(1,554	)		(145,533	)	135,000				(126,854	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				2,063		―				2,063
Principal payments on secured project debt and other notes payable		(6,804)		―				(413	)		―			(7,217	)
Loan from subsidiary		135,000		―				―			(135,000	)		―
Net proceeds from (payments on) mortgage credit facilities	―			―				4,805		―				4,805
(Contributions to) distributions from Corporate and subsidiaries		(3,891	)	―				3,891		―			―
Payment of issuance costs in connection with preferred shareholder equity transactions		(347	)	―			―			―				(347	)
Proceeds from the exercise of stock options		10,835		―			―			―				10,835
Net cash provided by (used in) financing activities		134,793		―				10,346			(135,000	)		10,139
Net increase (decrease) in cash and equivalents		(111,211	)		117			(154,825	)	―				(265,919	)
Cash and equivalents at beginning of period		154,722			114			191,719		―				346,555
Cash and equivalents at end of period	$	43,511		$	231		$	36,894		$	―		$	80,636

	Six Months Ended June 30, 2012
	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	$	(112,860	)	$	405		$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)		(6,459	)	―			(8,281	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,206		―				589		―			1,795
Other investing activities		(772	)		(263	)		(370	)	―			(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)		(6,240	)	―			(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				6,237		―			6,237
Principal payments on secured project debt and other notes payable	―			―				(644	)	―			(644	)
Principal payments on senior subordinated notes payable		(9,990	)	―			―			―			(9,990	)
Net proceeds from (payments on) mortgage credit facilities	―			―				(2,381	)	―			(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000		―				(73,000	)	―		―
Proceeds from the exercise of stock options		1,747		―			―			―			1,747
Net cash provided by (used in) financing activities		64,757		―				(69,788	)	―			(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37			(62,291	)	―			(111,640	)
Cash and equivalents at beginning of period		66,757			176			343,589		―			410,522
Cash and equivalents at end of period	$	17,371		$	213		$	281,298		$	―	$	298,882