EX-12.1 12 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

 

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    

Year Ended
December 31,

 
    

2002

     

2001

     

2000

     

1999

     

1998

     

1997

  
    

(dollars in thousands)

  

Income before provision for income taxes and extraordinary item

   

$

67,781

 

   

$

53,525

 

   

$

51,129

 

   

$

43,497

 

   

$

8,305

 

   

$

(89,894

)

Interest incurred

   

 

26,783

 

   

 

21,908

 

   

 

26,012

 

   

 

24,500

 

   

 

31,475

 

   

 

32,970

 

Less interest capitalized

   

 

(26,783

)

   

 

(21,681

)

   

 

(20,455

)

   

 

(18,347

)

   

 

(22,261

)

   

 

(25,158

)

Amortization of capitalized interest included in cost of sales

   

 

28,109

 

   

 

20,537

 

   

 

21,373

 

   

 

23,771

 

   

 

27,899

 

   

 

23,760

 

Cash distributions of income from unconsolidated joint ventures

   

 

24,621

 

   

 

18,404

 

   

 

24,865

 

   

 

7,604

 

   

 

—

 

   

 

—

 

Less equity in income of unconsolidated joint ventures

   

 

(27,748

)

   

 

(22,384

)

   

 

(24,416

)

   

 

(17,859

)

   

 

(3,499

)

   

 

—

 

    
  
  
  
  
  

Earnings

   

$

92,763

 

   

$

70,309

 

   

$

78,508

 

   

$

63,166

 

   

$

41,919

 

   

$

(58,322

)

    
  
  
  
  
  

Interest incurred

                                                      

Interest expensed

   

$

—

 

   

$

227

 

   

$

5,557

 

   

$

6,153

 

   

$

9,214

 

   

$

7,812

 

Interest capitalized

   

 

26,783

 

   

 

21,681

 

   

 

20,455

 

   

 

18,347

 

   

 

22,261

 

   

 

25,158

 

    
  
  
  
  
  

Fixed Charges

   

$

26,783

 

   

$

21,908

 

   

$

26,012

 

   

$

24,500

 

   

$

31,475

 

   

$

32,970

 

    
  
  
  
  
  

Ratio of Earnings to Fixed Charges

   

 

3.46x

 

   

 

3.21x

 

   

 

3.02x

 

   

 

2.58x

 

   

 

1.33x

 

   

 

N/A