EX-12.1 86 s002407x1_ex12-1.htm EXHIBIT 12.1
Exhibit 12.1
LGI Homes, Inc.
Computation of Ratio of Earnings to Total Fixed Charges
 
 
  
Six Months Ended
    
Year Ended December 31,
        
 
  
June 30, 2018
    
2017
    
2016
   
2015
    
2014
    
2013
  
Earnings available for fixed charges:
                                    
Net income before income taxes
  
$
93,897,792
    
$
171,402,114
    
$
113,672,204
    
$
80,279,533
    
$
43,079,065
    
$
22,803,327
  
Less: Income from unconsolidated joint ventures
    
—
      
—
      
—
      
—
      
—
      
(4,286,639
)
Add: Distributed equity income of affiliated companies
    
—
      
—
      
—
      
—
      
—
      
4,413,972
  
Add: Fixed charges
    
16,054,659
      
24,515,339
      
18,652,004
      
14,398,932
      
6,094,459
      
1,410,618
  
Add: Amortization of capitalized interest
    
10,900,304
      
17,399,555
      
10,680,566
      
6,057,470
      
1,703,806
      
1,104,876
  
Less: Capitalized interest
    
(15,980,019
)
    
(24,275,286
)
    
(18,456,650
)
    
(14,198,224
)
    
(6,026,238
)
    
(1,326,976
)
Less: (Income) loss attributable to non-controlling interests
    
—
      
—
      
—
      
—
      
—
      
589,818
  
Total earnings available for fixed charges
  
$
104,872,736
    
$
189,041,722
    
$
124,548,125
    
$
86,537,711
    
$
44,851,092
    
$
24,708,996
  
 
                                                
Fixed charges:
                                                
Interest expense
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
50,946
  
Capitalized interest (includes amortization of debt discount and debt issuance cost)
    
15,980,019
      
24,275,286
      
18,456,650
      
14,198,224
      
6,026,238
      
1,326,976
  
Portion of rental expense which represents interest factor
    
74,640
      
240,053
      
195,355
      
200,708
      
68,221
      
32,696
  
Total fixed charges
  
$
16,054,659
    
$
24,515,339
    
$
18,652,004
    
$
14,398,932
    
$
6,094,459
    
$
1,410,618
  
 
                                                
Ratio of earnings to fixed charges
    
6.5
x
    
7.7
x
    
6.7
x
    
6.0
x
    
7.4
x
    
17.5
x