EX-12.1 160 a06-6471_1ex12d1.htm EX. 12.1

Exhibit 12.1

 

Kimball Hill, Inc.

Computation of earnings to fixed charges

Amounts in thousands, except ratio of earnings to fixed charges

 

 

 

Year ended September 30,

 

Three months ended

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

December 31, 2005

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

30,151

 

$

41,055

 

$

60,202

 

$

82,984

 

$

137,523

 

$

24,405

 

Less: Equity in income of unconsolidated joint ventures

 

(1,518

)

(1,123

)

(618

)

(833

)

(3,282

)

(157

)

Minority interests in net earnings of consolidated partnerships

 

3,603

 

4,453

 

4,122

 

4,232

 

6,152

 

359

 

Fixed charges (from below)

 

33,407

 

25,242

 

30,774

 

31,668

 

39,546

 

11,605

 

Distributed income from unconsolidated joint ventures

 

1,518

 

1,123

 

618

 

833

 

3,282

 

157

 

Less: Interest capitalized

 

(32,643

)

(24,300

)

(29,015

)

(30,016

)

(38,221

)

(11,183

)

Interest amortized to cost of sales

 

34,016

 

19,584

 

26,883

 

35,382

 

27,696

 

5,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

68,534

 

$

66,034

 

$

92,966

 

$

124,250

 

$

172,696

 

$

30,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest incurred, including capitalized amounts and amortization of debt costs

 

$

32,712

 

$

24,546

 

$

29,964

 

$

30,641

 

$

38,255

 

$

11,187

 

Estimated interest component of rent expense

 

695

 

696

 

810

 

1,027

 

1,291

 

418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

33,407

 

$

25,242

 

$

30,774

 

$

31,668

 

$

39,546

 

$

11,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

2.05

 

2.62

 

3.02

 

3.92

 

4.37

 

2.61