EX-12.1 8 a2081408zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended January 31, Year Ended October 31, ----------------- ---------------------- 2002 2001 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- ---- ---- (Dollars in thousands) Net Income (Loss) 18,161 6,923 63,686 33,163 30,075 25,403 (6,970) Add: Federal and State Inc Taxes 11,636 4,637 42,668 18,655 19,674 15,141 (5,154) Extraordinary Loss 868 748 Interest Expensed Residential & Commercial 13,702 9,505 51,446 34,956 31,570 39,352 37,704 Interest Expensed Mortgage & Finance Subsidiaries 848 601 3,180 2,491 3,240 3,099 1,778 Amortization of Bond Prepaid Expense 247 230 976 670 549 625 636 Minority Interest 123 (63) (38) 910 ---------------------------------------------------------------------------------- Total Earnings 44,717 21,833 161,918 90,845 85,976 84,368 27,994 ================================================================================== Fixed Charges: Interest Incurred Residential & Commercial 11,477 11,572 47,272 38,878 24,594 28,947 34,777 Interest Incurred Mortgage & Finance Subsidiaries 848 601 3,180 2,491 3,240 3,099 1,778 Amortization of Bond Prepaid Expense 247 230 976 670 1,033 1,043 636 Amortization of Bond Discount 99 89 367 30 ---------------------------------------------------------------------------------- Total Fixed Charges 12,671 12,492 51,795 42,069 28,867 33,089 37,191 ================================================================================== Ratio of Earnings to Fixed Charges 3.5 1.7 3.1 2.2 3.0 2.5 0.8 Insufficient Earnings to Cover Fixed Charges 9,197