EX-12 11 tol-20141031x10kxex12.htm EXHIBIT 12 TOL-2014.10.31-10K-Ex.12


Exhibit 12
 
 
October 31,
 
 
2010
 
 
2011
 
 
2012
 
 
2013
 
 
2014
Earnings (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(117,187
)
 
 
$
(29,366
)
 
 
$
112,942

 
 
$
267,697

 
 
$
504,582

Interest expense
 
106,997

 
 
80,282

 
 
90,521

 
 
115,238

 
 
142,851

Rent expense
 
5,528

 
 
4,135

 
 
3,728

 
 
3,658

 
 
4,128

Amortization
 
1,374

 
 
1,347

 
 
1,782

 
 
2,952

 
 
3,639

 
 
$
(3,288
)
 
 
$
56,398

 
 
$
208,973

 
 
$
389,545

 
 
$
655,200

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest incurred
 
$
114,975

 
 
$
114,761

 
 
$
125,783

 
 
$
134,198

 
 
$
163,815

Rent expense
 
5,528

 
 
4,135

 
 
3,728

 
 
3,658

 
 
4,128

Amortization
 
1,374

 
 
1,347

 
 
1,782

 
 
2,952

 
 
3,639

 
 
$
121,877

 
 
$
120,243

 
 
$
131,293

 
 
$
140,808

 
 
$
171,582

Ratio
 
 

(a)
 
 

(a)
 
1.59

 
 
2.77

 
 
3.82

(a)
For the twelve-month periods ended October 31, 2011 and 2010, our earnings were not sufficient to cover fixed charges by approximately $63.8 million and $125.2 million, respectively.