EX-12.1 2 s-3secondamendmentexhibit1.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1


LGI Homes, Inc.
Computation of Ratio of Earnings to Total Fixed Charges

 
 
Six months ended June 30,
 
Years ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
    Net income before income taxes
 
$
32,966,316

 
$
43,079,065

 
$
22,803,327

 
$
10,022,640

 
$
4,637,296

    Less: Income from unconsolidated joint ventures
 
—

 
—

 
(4,286,639
)
 
(1,526,464
)
 
(714,758
)
    Add: Distributed equity income of affiliated companies
 
—

 
—

 
4,413,972

 
1,545,437

 
607,500

    Add: Fixed charges
 
6,917,701

 
6,094,459

 
1,410,618

 
848,005

 
1,277,356

    Add: Amortization of Capitalized Interest
 
2,551,717

 
1,703,806

 
1,104,876

 
946,780

 
1,462,748

    Less: Capitalized interest
 
(6,878,913
)
 
(6,026,238
)
 
(1,326,976
)
 
(822,691
)
 
(1,226,142
)
    Less: (Income) loss attributable to non-controlling interests
 
—

 
—

 
589,818

 
(162,969
)
 
(1,161,986
)
          Total Earnings available for fixed charges
 
$
35,556,821

 
$
44,851,092

 
$
24,708,996

 
$
10,850,738

 
$
4,882,014

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
    Interest expense
 
$
—

 
$
—

 
$
50,946

 
$
1,234

 
$
28,152

    Capitalized interest (includes amortization of debt discount and debt issuance cost)
 
6,878,913

 
6,026,238

 
1,326,976

 
822,691

 
1,226,142

    Portion of rental expense which represents interest factor
 
38,788

 
68,221

 
32,696

 
24,080

 
23,062

         Total Fixed charges
 
$
6,917,701

 
$
6,094,459

 
$
1,410,618

 
$
848,005

 
$
1,277,356

 
 
 
 
 
 
 
 
 
 
 
         Ratio of earnings to fixed charges
 
5.1
X
 
7.4
X
 
17.5
X
 
12.8
X
 
3.8
X