I see similar, which is not surprising. The sparse solver has more overhead which costs time. The advantage, however, is the memory savings and thus the ability to solver bigger problems. Note, that FEAP's built-in sparse solver is not particularly optimized. You could consider SuperLU, UMFPACK, Pardiso, MUMPS, etc. which are probably better optimized. Prof. Taylor has usolver interfaces to some of these posted. Also some are available through FEAP via PETSc, if you have built parFEAP.
For what it is worth, here are my results on a 3D linear elastic cube with 8 node bricks.
DOF Sparse Profile
3630 0.16 0.08
11520 2.01 0.84
26460 24.31 6.05