EX-12.1 3 0003.txt STATEMENT RE: COMPUTATION OF RATIOS 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 Ended Year Ended Year Ended Year Ended Year Ended October 31, October 31, October 31, October 31, October 31 2000 1999 1998 1997 1996 (Actual) (Actual) (Actual) (Actual) (Actual) ----------- ----------- ----------- ----------- ----------- Net Income (loss)......................................... 33,163 30,075 25,403 (6,970) 17,287 Add: Federal and State Income Taxes.......................... 18,655 19,674 15,141 (5,154) 7,719 Extraordinary Loss...................................... 868 748 Interest Expensed Res & Comm............................ 34,956 31,570 39,352 37,704 32,157 Interest Expensed Mortgage & Finance Subsidiaries....... 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses................... 670 1,033 625 636 671 Minority Interest....................................... 910 Total Earnings......................................... 90,845 86,460 84,368 27,994 60,188 ====== ====== ======= ====== ====== Fixed Charges: Interest Incurred Res & Comm............................ 38,878 24,594 28,947 34,777 35,551 Interest Incurred Mortgage & Finance Subsidiaries....... 2,491 3,240 3,099 1,778 2,354 Amortization of Bond Prepaid Expenses................... 670 1,033 625 636 671 Amortization of Bond Discount........................... 30 Total Fixed Charges.................................... 42,069 28,867 32,671 37,191 38,576 ====== ====== ======= ====== ====== Ratio..................................................... 2.2 3.0 2.6 (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.