EX-12.1 4 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,
 
     2005
     2004
     2003
     2002
     2001
  
     (dollars in thousands)  

Income before provision for income taxes

    $ 314,780     $ 285,148     $ 123,952     $ 67,781     $ 53,525  

Interest incurred

      73,208       59,024       47,188       26,783       21,908  

Less interest capitalized

      (73,208 )     (59,024 )     (47,188 )     (26,783 )     (21,681 )

Amortization of capitalized interest included in cost of sales

      55,748       62,671       36,376       28,109       20,537  

Cash distributions of income from unconsolidated joint ventures

      2,708       —       37,501       24,621       18,404  

Less equity in (income) loss of unconsolidated joint ventures

      ( 4,301 )     699       (31,236 )     (27,748 )     (22,384 )
    
 
 
 
 

Earnings

    $ 368,935     $ 348,518     $ 166,593     $ 92,763     $ 70,309  
    
 
 
 
 

Interest incurred

                                         

Interest expensed

    $ —     $ —     $ —     $ —     $ 227  

Interest capitalized

      73,208       59,024       47,188       26,783       21,681  
    
 
 
 
 

Fixed Charges

    $ 73,208     $ 59,024     $ 47,188     $ 26,783     $ 21,908  
    
 
 
 
 

Ratio of Earnings to Fixed Charges

      5.04x       5.91x       3.53x       3.46x       3.21x