EX-12.1 10 dex121.htm STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Ratio of Earnings to Fixed Charges

 

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended
December 31,
 
     2003
     2002
     2001
     2000
     1999
  
     (dollars in thousands)  

Income before provision for income taxes 

    $ 123,952     $ 67,781     $ 53,525     $ 51,745     $ 47,718  

Interest incurred

      47,188       26,783       21,908       26,012       24,500  

Less interest capitalized

      (47,188 )     (26,783 )     (21,681 )     (20,455 )     (18,347 )

Amortization of capitalized interest included in cost of sales

      36,376       28,109       20,537       21,373       23,771  

Cash distributions of income from unconsolidated joint ventures

      37,501       24,621       18,404       24,865       7,604  

Less equity in income of unconsolidated joint ventures

      (31,236 )     (27,748 )     (22,384 )     (24,416 )     (17,859 )
    
 
 
 
 

Earnings

    $ 166,593     $ 92,763     $ 70,309     $ 79,124     $ 67,387  
    
 
 
 
 

Interest incurred

                                         

Interest expensed

    $ —     $ —     $ 227     $ 5,557     $ 6,153  

Interest capitalized

      47,188       26,783       21,681       20,455       18,347  
    
 
 
 
 

Fixed Charges

    $ 47,188     $ 26,783     $ 21,908     $ 26,012     $ 24,500  
    
 
 
 
 

Ratio of Earnings to Fixed Charges

      3.53x       3.46x       3.21x       3.04x       2.75x