EX-12.1 9 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

 

    

Nine Months

Ended September 30,

     Year Ended December 31,
  
     2004     2003     2003     2002     2001     2000     1999  
    
 
                 (dollars in thousands)  

Income before provision for income taxes

    $ 151,984     $ 55,998     $ 123,952     $ 67,781     $ 53,525     $ 51,745     $ 47,718  

Interest incurred

      44,116       34,252       47,188       26,783       21,908       26,012       24,500  

Less interest capitalized

      (44,116 )     (34,252 )     (47,188 )     (26,783 )     (21,681 )     (20,455 )     (18,347 )

Amortization of capitalized interest included in cost of sales

      41,720       17,437       36,376       28,109       20,537       21,373       23,771  

Cash distributions of income from unconsolidated joint ventures

      —       23,857       37,501       24,621       18,404       24,865       7,604  

Less equity in loss (income) of unconsolidated joint ventures

      451       (19,734 )     (31,236 )     (27,748 )     (22,384 )     (24,416 )     (17,859 )
    
 
 
 
 
 
 

Earnings

    $ 194,155     $ 77,558     $ 166,593     $ 92,763     $ 70,309     $ 79,124     $ 67,387  
    
 
 
 
 
 
 

Interest incurred:

                                                         

Interest expensed

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

Interest capitalized

      44,116       34,252       47,188       26,783       21,681       20,455       18,347  
    
 
 
 
 
 
 

Fixed Charges

    $ 44,116     $ 34,252     $ 47,188     $ 26,783     $ 21,908     $ 26,012     $ 24,500  
    
 
 
 
 
 
 

Ratio of Earnings to Fixed Charges

      4.40x       2.26x       3.53x       3.46x       3.21x       3.04x       2.75x