EX-12.1 9 exhibit_12-1.txt HOBNANIAN ENTERPRISES Exhibit 12.1 HOVNANIAN ENTERPRISES, INC. Statement setting forth computation showing the ratio of earnings to fixed charges, including wholly owned mortgage banking and finance subsidiaries (Dollars in Thousands)
Six Months Year Year Year Year Ended Year Ended Ended Ended Ended April Ended October October October October 30, October 31, 31, 31, 31, 31, 2001 2000 1999 1998 1997 1996 Actual Actual Actual Actual Actual Actual --------------------------------------------------------------------- Net Income (Loss)............................ 20,983 33,163 30,075 25,403 (6,970) 17,287 Add: Federal and State Income Taxes............. 13,144 18,655 19,674 15,141 (5,154) 7,719 Extraordinary Loss......................... 868 748 Interest Expensed Res & Comm............... 23,454 34,956 31,570 39,352 37,704 32,157 Interest Expensed Mortgage & Finance Subsidiaries............................. 1,323 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses...... 484 670 549 625 636 671 Minority Interest.......................... (48) 910 --------------------------------------------------------------------- Total Earnings........................... 59,340 90,845 85,976 84,368 27,994 60,188 ===================================================================== Fixed Charges: Interest Incurred Res & Comm............... 23,905 38,878 24,594 28,947 34,777 35,551 Interest Incurred Mortgage & Finance Subsidiaries............................. 1,323 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses...... 484 670 1,033 1,043 636 671 Amortization of Bond Discount.............. 179 30 --------------------------------------------------------------------- --------------------------------------------------------------------- Total Fixed Charges...................... 25,891 42,069 28,867 33,089 37,191 38,576 ===================================================================== Ratio 2.3 2.2 3.0 2.5 (a) 1.6
(a) Earnings for the year ended October 31, 1997 were insufficient to cover fixed charges for such period by $9,197,000.