EX-12 13 tol-20161031x10kxex12.htm EXHIBIT 12 Exhibit


Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges
($ amounts in thousands)
 
Year Ended October 31,
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
112,942

 
$
267,697

 
$
504,582

 
$
535,562

 
$
589,027

Adjustments to income before income taxes:
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities
(23,592
)
 
(14,392
)
 
(41,141
)
 
(21,119
)
 
(40,748
)
Distributed earnings from unconsolidated entities
5,258

 
23,468

 
43,973

 
19,459

 
15,287

Interest expense
90,521

 
115,238

 
142,851

 
147,477

 
162,609

Rent expense
3,728

 
3,658

 
4,128

 
4,195

 
4,453

Amortization
1,782

 
2,952

 
3,639

 
3,516

 
3,765

 
$
190,639

 
$
398,621

 
$
658,032

 
$
689,090

 
$
734,393

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
125,783

 
$
134,198

 
$
163,815

 
$
155,170

 
$
164,001

Rent expense
3,728

 
3,658

 
4,128

 
4,195

 
4,453

Amortization
1,782

 
2,952

 
3,639

 
3,516

 
3,765

 
$
131,293

 
$
140,808

 
$
171,582

 
$
162,881

 
$
172,219

Ratio of earnings to fixed charges
1.45

 
2.83

 
3.84

 
4.23

 
4.26