EX-12.1 15 g97582a1exv12w1.txt EX-12.1 STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12.1 ASHTON WOODS USA L.L.C. STATEMENT REGARDING COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
SIX MONTHS YEAR ENDED MAY 31, ENDED ----------------------------------------------- ----------- 2005 2004 2003 2002 2001 11/30/2005 ------- ------- ------- ------- ------- ----------- EARNINGS: Income before income taxes 59,454 42,427 16,497 14,193 13,605 30,862 Less: Earnings from unconsolidated entities (1,571) (1,259) (1,523) (543) (353) (1,188) Minority interest 398 112 12 -- (175) -- Fixed charges (from below) 5,185 5,200 6,053 8,186 10,428 5,659 Distributed income of unconsolidated entities 1,571 1,259 1,523 543 353 1,188 Less: interest capitalized (4,840) (4,932) (5,796) (7,960) (10,243) (5,396) Interest amortized to cost of sales 4,790 5,822 7,460 8,721 12,355 2,446 ------- ------- ------- ------- ------- --------- Earnings available for fixed charges 64,987 48,629 24,226 23,140 25,970 33,571 ------- ------- ------- ------- ------- --------- FIXED CHARGES: Interest incurred, including capitalized 4,840 4,932 5,796 7,960 10,243 5,396 amounts and amortization of debt costs Estimated interest component of rent expense 345 268 257 226 185 263 ------- ------- ------- ------- ------- --------- Total fixed charges 5,185 5,200 6,053 8,186 10,428 5,659 ------- ------- ------- ------- ------- --------- RATIO OF EARNINGS TO FIXED CHARGES 12.53 9.35 4.00 2.83 2.49 5.93 ------- ------- ------- ------- ------- ---------