EX-12.1 3 ex12-1.htm EXHIBIT 12.1 ex12-1.htm

Exhibit 12.1

 

Ratio of Earnings (Loss) to Fixed Charges

 

   

Three Months

Ended March

    

Year Ended December 31,

  
   

 31, 2016

    

2015

    

2014

    

2013

    

2012

    

2011

  
   

(Dollars in thousands)

  

Earnings

  $ 25,850     $ 158,372     $ 163,686     $ 187,953     $ 95,914     $ (62,329 )

Fixed charges

   $ 13,819     $ 55,258     $ 68,287     $ 63,775     $ 45,200     $ 65,439  

Earnings to fixed charges

   $ 1.87     $ 2.87     $ 2.40     $ 2.95     $ 2.12     $ (0.95 )
                                                 

Earnings (Loss):

                                                
                                                 

Income (loss) before income taxes

   $ 14,273     $ 101,424     $ 100,475     $ 129,825     $ 61,115     $ (107,472 )
                                                 

Add: fixed charges

     13,819       55,258       68,287       63,775       45,200       65,439  

Less: capitalized interest

     (13,218 )     (53,061 )     (65,584 )     (59,908 )     (41,507 )     (41,448 )

Add: amortization of previously capitalized interest

     10,976       54,751       60,508       54,261       31,106       21,152  

Total earnings

   $ 25,850     $ 158,372     $ 163,686     $ 187,953     $ 95,914     $ (62,329 )
                                                 

Fixed Charges:

                                                
                                                 

Homebuilding and corporate interest expense (1)

   $ -     $ -     $ 685     $ 1,726     $ 808     $ 20,842  

Mortgage lending interest expense

     114       342       200       282       607       442  

Interest component of rent expense

     487       1,855       1,818       1,859       2,278       2,707  

Capitalized interest

     13,218       53,061       65,584       59,908       41,507       41,448  

Total fixed charges

   $ 13,819     $ 55,258     $ 68,287     $ 63,775     $ 45,200     $ 65,439  

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(1) Includes the amortization and expensing of debt expenses that were not capitalized during period

 

In computing the ratio of earnings to fixed charges, fixed charges consist of homebuilding and corporate interest expense which includes the amortization and expensing of debt expenses that were not capitalized during period, mortgage lending interest expense, interest component of rent expense, and capitalized interest. Earnings are computed by adding fixed charges (except capitalized interest) and amortization of previously capitalized interest during the period to earnings (loss) before income taxes. For the year ended December 31, 2011, the Company generated losses which exceeded fixed charges of $127.8 million.