EX-12.1 6 exh12_1.txt FINANCIAL STATEMENT 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)
Year Year Year Year Year Ended Ended Ended Ended Nine Months Ended October October October October Ended October 31, 31, 31, 31, 31, July 31, 2000 1999 1998 1997 1996 2001 Actual Actual Actual Actual Actual Actual ------------------------------------------------------------------------- Net Income (Loss)....................... $41,995 $33,163 $30,075 $25,403 $(6,970) $17,287 Add: Federal and State Income Taxes........ 27,417 18,655 19,674 15,141 (5,154) 7,719 Extraordinary Loss.................... 868 748 Interest Expensed Res & Comm.......... 36,939 34,956 31,570 39,352 37,704 32,157 Interest Expensed Mortgage & Finance Subsidiaries........................ 2,295 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses. 730 670 549 625 636 671 Minority Interest..................... (28) 910 ------------------------------------------------------------------------- Total Earnings...................... $109,348 $90,845 $85,976 $84,368 $27,994 $60,188 ========================================================================= Fixed Charges: Interest Incurred Res & Comm.......... $35,808 $38,878 $24,594 $28,947 $34,777 $35,551 Interest Incurred Mortgage & Finance Subsidiaries........................ 2,295 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses. 730 670 1,033 1,043 636 671 Amortization of Bond Discount......... 272 30 ------------------------------------------------------------------------- Total Fixed Charges................. $39,105 $42,069 $28,867 $33,089 $37,191 $38,576 ========================================================================= Ratio 2.8 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.