EX-12.1 3 a2081408zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended April 30, Year Ended October 31, ----------------- ---------------------- 2002 2001 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- ---- ---- (Dollars in thousands) Net Income (Loss) 44,071 20,983 63,686 33,163 30,075 25,403 (6,970) Add: Federal and State Inc Taxes 27,612 13,144 42,668 18,655 19,674 15,141 (5,154) Extraordinary Loss 582 868 748 Interest Expensed Residential & Commercial 26,504 23,454 51,446 34,956 31,570 39,352 37,704 Interest Expensed Mortgage & Finance Subsidiaries 1,351 1,729 3,180 2,491 3,240 3,099 1,778 Amortization of Bond Prepaid Expense 594 484 976 670 549 625 636 Minority Interest 520 (48) (38) 910 ---------------------------------------------------------------------------------- Total Earnings 101,234 59,746 161,918 90,845 85,976 84,368 27,994 ================================================================================== Fixed Charges: Interest Incurred Residential & Commercial 26,256 23,905 47,272 38,878 24,594 28,947 34,777 Interest Incurred Mortgage & Finance Subsidiaries 1,351 1,729 3,180 2,491 3,240 3,099 1,778 Amortization of Bond Prepaid Expense 1,489 484 976 670 1,033 1,043 636 Amortization of Bond Discount 204 179 367 30 ---------------------------------------------------------------------------------- Total Fixed Charges 29,300 26,297 51,795 42,069 28,867 33,089 37,191 ================================================================================== Ratio of Earnings to Fixed Charges 3.5 2.3 3.1 2.2 3.0 2.5 0.8 Insufficient Earnings to Cover Fixed Charges 9,197