EX-12 7 exhibit12.txt Exhibit 12 Computation of Ratios of Earnings to Fixed Charges Twelve months ended October 31, 1997 1998 1999 2000 2001 Earnings: Income before income taxes and extraordinary (loss) and change in accounting $107,646 $134,293 $162,750 $230,966 $337,889 Homebuilding Interest expense 29,746 36,052 40,378 46,777 59,002 Rent expense 193 293 425 639 852 Amortization 667 610 618 635 897 Collateralized mortgage financing: Interest expense 233 184 119 39 36 $138,485 $171,432 $204,290 $279,056 $398,676 Fixed charges: Homebuilding: Interest incurred: $35,242 $38,331 $51,396 $60,236 $79,209 Rent expense 193 293 425 639 852 Amortization 667 610 618 635 897 Collateralized mortgage financing: Interest incurred: 233 184 119 39 36 $36,335 $39,418 $52,558 $61,549 $80,994 Ratio, including collateralized mortgage financing 3.81 4.35 3.89 4.53 4.92