EX-12.1 2 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,
  
     2004
     2003
     2002
     2001
     2000
  
     (dollars in thousands)  

Income before provision for income taxes

    $ 285,148     $ 123,952     $ 67,781     $ 53,525     $ 51,745  

Interest incurred

      59,024       47,188       26,783       21,908       26,012  

Less interest capitalized

      (59,024 )     (47,188 )     (26,783 )     (21,681 )     (20,455 )

Amortization of capitalized interest included in cost of sales

      62,671       36,376       28,109       20,537       21,373  

Cash distributions of income from unconsolidated joint ventures

      —       37,501       24,621       18,404       24,865  

Less equity in loss (income) of unconsolidated joint ventures

      699       (31,236 )     (27,748 )     (22,384 )     (24,416 )
    
 
 
 
 

Earnings

    $ 348,518     $ 166,593     $ 92,763     $ 70,309     $ 79,124  
    
 
 
 
 

Interest incurred

                                         

Interest expensed

    $ —     $ —     $ —     $ 227     $ 5,557  

Interest capitalized

      59,024       47,188       26,783       21,681       20,455  
    
 
 
 
 

Fixed Charges

    $ 59,024     $ 47,188     $ 26,783     $ 21,908     $ 26,012  
    
 
 
 
 

Ratio of Earnings to Fixed Charges

      5.91x       3.53x       3.46x       3.21x       3.04x