EX-12 8 tol-20171031x10kxex12.htm EXHIBIT 12 Exhibit


Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges
($ amounts in thousands)
 
Year Ended October 31,
 
2013
 
2014
 
2015
 
2016
 
2017
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
267,697

 
$
504,582

 
$
535,562

 
$
589,027

 
$
814,311

Adjustments to income before income taxes:
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities
(14,392
)
 
(41,141
)
 
(21,119
)
 
(40,748
)
 
(116,066
)
Distributed earnings from unconsolidated entities
23,468

 
43,973

 
19,459

 
15,287

 
134,291

Interest expense
115,238

 
142,851

 
147,477

 
162,609

 
183,045

Rent expense
3,658

 
4,128

 
4,195

 
4,453

 
4,835

Amortization
2,952

 
3,639

 
3,516

 
3,765

 
3,990

 
$
398,621

 
$
658,032

 
$
689,090

 
$
734,393

 
$
1,024,406

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
134,198

 
$
163,815

 
$
155,170

 
$
164,001

 
$
175,944

Rent expense
3,658

 
4,128

 
4,195

 
4,453

 
4,835

Amortization
2,952

 
3,639

 
3,516

 
3,765

 
3,990

 
$
140,808

 
$
171,582

 
$
162,881

 
$
172,219

 
$
184,769

Ratio of earnings to fixed charges
2.83

 
3.84

 
4.23

 
4.26

 
5.54