EX-12 4 a2181820zex-12.htm EX-12
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Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars In Thousands)
  Actual Year
10/07
  Actual Year
10/06
  Actual Year
10/05
  Actual Year
10/04
  Actual Year
10/03
Net (loss) income   $ (627,119 ) $ 149,533   $ 471,847   $ 348,681   $ 257,380
Add:                              
  Federal and state income tax (benefit) provision     (19,847 )   83,573     308,738     201,091     154,138
  Interest expensed     141,754     111,944     89,721     75,042     63,658
  Interest expensed mortgage and financing subsidiaries     6,009     7,767     5,801     2,765     2,487
  Amortization of bond prepaid expenses     2,151     2,089     2,012     10,999     2,978
  Amortization of bond discounts     1,084     1,039     715     571     514
Total (loss) earnings   $ (495,968 ) $ 355,945   $ 878,834   $ 639,149   $ 481,155
Fixed Charges:                              
  Interest incurred   $ 194,547   $ 166,427   $ 102,930   $ 87,674   $ 66,332
  Interest incurred mortgage and financing subsidiaries     6,009     7,767     5,801     2,765     2,487
  Amortization of bond prepaid expenses     2,151     2,089     2,012     10,999     2,978
  Amortization of bond discounts     1,084     1,039     715     571     514
Total fixed charges   $ 203,791   $ 177,322   $ 111,458   $ 102,009   $ 72,311
Ratio of earnings to fixed charges     (a )   2.0     7.9     6.3     6.7

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars In Thousands)
  Actual Year
10/07
  Actual Year
10/06
  Actual Year
10/05
  Actual Year
10/04
  Actual Year
10/03
Total (loss) earnings—above   $ (495,968 ) $ 355,945   $ 878,834   $ 639,149   $ 481,155
Total fixed charges—above     203,791     177,322     111,458     102,009     72,311
Preferred stock dividends (adjusted to pre-tax dollars)     11,012     16,641     4,563            
Combined fixed charges and preferred stock dividends   $ 214,803   $ 193,963   $ 116,021   $ 102,009   $ 72,311
Ratio of earnings to combined fixed charges and preferred stock dividends     (b )   1.8     7.6     6.3     6.7
(a)
Earnings for the year ended October 31, 2007 were insufficient to cover fixed charges for such period by $699.8 million.

(b)
Earnings for the year ended October 31, 2007 were insufficient to cover fixed charges and preferred stock dividends for such period by $710.8 million.



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