Note 21 - Supplemental Guarantor Information

9 Months Ended

Sep. 30, 2013

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information [Text Block]

21.     Supplemental Guarantor Information

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

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended September 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	228,520		$	212,707		$	70,529		$	―		$	511,756
Cost of sales		(165,466	)		(162,589	)		(54,311	)		―			(382,366	)
Gross margin		63,054			50,118			16,218			―			129,390
Selling, general and administrative expenses		(25,799	)		(29,095	)		(7,045	)		―			(61,939	)
Income (loss) from unconsolidated joint ventures		165			(111	)		(86	)		―			(32	)
Equity income (loss) of subsidiaries		22,421			―			―			(22,421	)		―
Interest income (expense), net		3,827			(2,732	)		(1,095	)		―			―
Other income (expense)		(495	)		144			652			―			301
Homebuilding pretax income (loss)		63,173			18,324			8,644			(22,421	)		67,720
Financial Services:
Financial services pretax income		―			―			2,416			―			2,416
Income (loss) before income taxes		63,173			18,324			11,060			(22,421	)		70,136
Provision for income taxes		(4,238	)		(5,913	)		(1,050	)		―			(11,201	)
Net income (loss)	$	58,935		$	12,411		$	10,010		$	(22,421	)	$	58,935

	Three Months Ended September 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	148,216		$	141,155		$	29,170		$	-		$	318,541
Cost of sales		(119,019	)		(111,353	)		(24,064	)		-			(254,436	)
Gross margin		29,197			29,802			5,106			-			64,105
Selling, general and administrative expenses		(20,157	)		(19,968	)		(2,996	)		-			(43,121	)
Income (loss) from unconsolidated joint ventures		310			(38	)		(311	)		-			(39	)
Equity income (loss) of subsidiaries		4,285			-			-			(4,285	)		-
Interest income (expense), net		4,209			(4,215	)		(1,663	)		-			(1,669	)
Other income (expense)		808			22			(713	)		-			117
Homebuilding pretax income (loss)		18,652			5,603			(577	)		(4,285	)		19,393
Financial Services:
Financial services pretax income		-			-			2,511			-			2,511
Income (loss) before income taxes		18,652			5,603			1,934			(4,285	)		21,904
(Provision) benefit for income taxes		3,058			(2,343	)		(909	)		-			(194	)
Net income (loss)	$	21,710		$	3,260		$	1,025		$	(4,285	)	$	21,710

	Nine Months Ended September 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	599,452		$	556,691		$	152,015		$	―		$	1,308,158
Cost of sales		(450,521	)		(429,729	)		(121,230	)		―			(1,001,480	)
Gross margin		148,931			126,962			30,785			―			306,678
Selling, general and administrative expenses		(69,750	)		(77,771	)		(15,310	)		―			(162,831	)
Income (loss) from unconsolidated joint ventures		1,660			(235	)		(176	)		―			1,249
Equity income (loss) of subsidiaries		43,692			―			―			(43,692	)		―
Interest income (expense), net		13,112			(9,423	)		(3,689	)		―			―
Other income (expense)		1,503			(13	)		1,134			―			2,624
Homebuilding pretax income (loss)		139,148			39,520			12,744			(43,692	)		147,720
Financial Services:
Financial services pretax income		―			―			8,953			―			8,953
Income (loss) before income taxes		139,148			39,520			21,697			(43,692	)		156,673
Provision for income taxes		(15,253	)		(13,873	)		(3,652	)		―			(32,778	)
Net income (loss)	$	123,895		$	25,647		$	18,045		$	(43,692	)	$	123,895

	Nine Months Ended September 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	335,887		$	407,520		$	73,708		$	―		$	817,115
Cost of sales		(265,519	)		(325,276	)		(61,188	)		―			(651,983	)
Gross margin		70,368			82,244			12,520			―			165,132
Selling, general and administrative expenses		(56,524	)		(58,490	)		(7,751	)		―			(122,765	)
Loss from unconsolidated joint ventures		(648	)		(157	)		(1,902	)		―			(2,707	)
Equity income (loss) of subsidiaries		8,923			―			―			(8,923	)		―
Interest income (expense), net		11,948			(12,799	)		(4,965	)		―			(5,816	)
Other income (expense)		4,616			322			(230	)		―			4,708
Homebuilding pretax income (loss)		38,683			11,120			(2,328	)		(8,923	)		38,552
Financial Services:
Financial services pretax income		―			―			6,514			―			6,514
Income (loss) before income taxes		38,683			11,120			4,186			(8,923	)		45,066
(Provision) benefit for income taxes		5,813			(4,325	)		(2,058	)		―			(570	)
Net income (loss)	$	44,496		$	6,795		$	2,128		$	(8,923	)	$	44,496

CONDENSED CONSOLIDATING BALANCE SHEET

	September 30, 2013
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	202,270	$	365	$	143,364	$	―		$	345,999
Restricted cash		―		―		27,524		―			27,524
Trade, intercompany and other receivables		1,227,039		6,641		9,698		(1,224,192	)		19,186
Inventories - owned		752,675		971,366		686,608		―			2,410,649
Inventories - not owned		6,488		40,810		56,436		―			103,734
Investments in unconsolidated joint ventures		328		467		57,535		―			58,330
Investments in subsidiaries		768,092		―		―		(768,092	)		―
Deferred income taxes, net		409,009		―		―		(3,097	)		405,912
Other assets		41,570		4,763		2,479		―			48,812
Total Homebuilding Assets		3,407,471		1,024,412		983,644		(1,995,381	)		3,420,146
Financial Services:
Cash and equivalents		―		―		17,129		―			17,129
Restricted cash		―		―		1,795		―			1,795
Mortgage loans held for sale, net		―		―		75,211		―			75,211
Mortgage loans held for investment, net		―		―		10,989		―			10,989
Other assets		―		―		6,876		(1,950	)		4,926
Total Financial Services Assets		―		―		112,000		(1,950	)		110,050
Total Assets	$	3,407,471	$	1,024,412	$	1,095,644	$	(1,997,331	)	$	3,530,196
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13,048	$	9,997	$	6,256	$	―		$	29,301
Accrued liabilities and intercompany payables		161,880		706,739		546,061		(1,218,202	)		196,478
Secured project debt and other notes payable		―		―		5,105		―			5,105
Senior notes payable		1,832,517		―		―		―			1,832,517
Total Homebuilding Liabilities		2,007,445		716,736		557,422		(1,218,202	)		2,063,401
Financial Services:
Accounts payable and other liabilities		―		―		13,626		(11,037	)		2,589
Mortgage credit facilities		―		―		64,180		―			64,180
Total Financial Services Liabilities		―		―		77,806		(11,037	)		66,769
Total Liabilities		2,007,445		716,736		635,228		(1,229,239	)		2,130,170
Equity:
Total Stockholders' Equity		1,400,026		307,676		460,416		(768,092	)		1,400,026
Total Liabilities and Equity	$	3,407,471	$	1,024,412	$	1,095,644	$	(1,997,331	)	$	3,530,196

	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

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 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	$	247,524		$	(180,993	)	$	(192,927	)	$	―	$	(126,396	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(393	)		(49	)		(12,500	)		―		(12,942	)
Distributions of capital from unconsolidated homebuilding joint ventures		―			100			2,219			―		2,319
Net cash paid for acquisitions		(113,793	)		―			―			―		(113,793	)
Other investing activities		(931	)		(2,824	)		(979	)		―		(4,734	)
Net cash provided by (used in) investing activities		(115,117	)		(2,773	)		(11,260	)				(129,150	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			1			―		1
Principal payments on secured project debt and other notes payable		(6,804	)		―			(485	)		―		(7,289	)
Proceeds from issuance of senior notes payable		300,000			―			―			―		300,000
Payment of debt issuance costs		(4,045	)		―			―			―		(4,045	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(27,979	)		―		(27,979	)
(Contributions to) distributions from Corporate and subsidiaries		(6,891	)		―			6,891			―		―
Payment of common stock issuance costs		(350	)		―			―			―		(350	)
Proceeds from the exercise of stock options		11,781			―			―			―		11,781
Intercompany advances, net		(378,550	)		184,017			194,533			―		―
Net cash provided by (used in) financing activities		(84,859	)		184,017			172,961					272,119
Net increase (decrease) in cash and equivalents		47,548			251			(31,226	)		―		16,573
Cash and equivalents at beginning of period		154,722			114			191,719			―		346,555
Cash and equivalents at end of period	$	202,270		$	365		$	160,493		$	―	$	363,128

	Nine Months Ended September 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	$	80,893		$	(82,699	)	$	(143,730	)	$	(25,600	)	$	(171,136	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(2,525	)		(144	)		(76,009	)		25,600			(53,078	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,205			―			10,735			―			11,940
Net cash paid for acquisitions		―			―			(60,752	)		―			(60,752	)
Other investing activities		(1,170	)		(402	)		(133	)		―			(1,705	)
Net cash provided by (used in) investing activities		(2,490	)		(546	)		(126,159	)		25,600			(103,595	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			5,034			―			5,034
Principal payments on secured project debt and other notes payable		―			―			(782	)		―			(782	)
Principal payments on senior subordinated notes payable		(9,990	)		―			―			―			(9,990	)
Proceeds from senior notes payable		253,000			―			―			―			253,000
Payments of debt issuance costs		(8,081	)		―			―			―			(8,081	)
Net proceeds from (payments on) mortgage credit facilities		―			―			24,227			―			24,227
Proceeds from the issuance of common stock		75,849			―			―			―			75,849
Distributions from (contributions to) Corporate and subsidiaries		73,000			―			(73,000	)		―			―
Payments of common stock		(3,913	)		―			―			―			(3,913	)
Proceeds from the exercise of stock options		8,321			―			―			―			8,321
Intercompany advances, net		(226,719	)		83,242			143,477			―			―
Net cash provided by (used in) financing activities		161,467			83,242			98,956			―			343,665
Net increase (decrease) in cash and equivalents		239,870			(3	)		(170,933	)		―			68,934
Cash and equivalents at beginning of period		66,757			176			343,589			―			410,522
Cash and equivalents at end of period	$	306,627		$	173		$	172,656		$	―		$	479,456