EX-12.1 2 a6302018exhibit121.htm RATIO COMPUTATION Exhibit


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Nine Months Ended 
 June 30, 2018
 
For the Fiscal Year Ended September 30,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
($ in millions)
Consolidated income before income taxes
 
$
1,452.3

 
$
1,602.1

 
$
1,353.5

 
$
1,123.4

 
$
814.2

 
$
657.8

Distributions in excess of earnings of equity method investees
 
12.7

 

 

 

 

 

Amortization of capitalized interest
 
96.0

 
152.6

 
169.1

 
159.7

 
124.4

 
110.9

Interest expensed
 
4.9

 
6.6

 
6.2

 
5.6

 
4.8

 
11.7

Earnings
 
$
1,565.9

 
$
1,761.3

 
$
1,528.8

 
$
1,288.7

 
$
943.4

 
$
780.4

Interest incurred
 
$
98.7

 
$
135.9

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

Fixed charges
 
$
98.7

 
$
135.9

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

Ratio of earnings to fixed charges
 
15.9

 
13.0

 
9.6

 
7.4

 
4.9

 
4.4