EX-12 6 ex12.txt Exhibit 12
Ratio of Earnings to Fixed Charges Twelve months ended October 31, Nine months ended July 31, ----------------------------------------------------------- -------------------------- Earnings: 1996 1997 1998 1999 2000 2000 2001 ---- ---- ---- ---- ---- ---- ---- Income before income taxes and extraordinary (loss) and change in accounting $ 85,793 $107,646 $134,293 $162,750 $230,966 $138,482 $229,706 Homebuilding Interest expense 24,646 29,746 36,052 40,378 46,777 31,807 41,261 Rent expense 151 193 293 425 639 453 650 Amortization 705 667 610 618 635 476 651 Collateralized mortgage financing: Interest expense 300 233 184 119 39 30 28 $111,595 $138,485 $171,432 $204,290 $279,056 $171,248 $272,296 Fixed charges: Homebuilding: Interest incurred: $ 27,695 $ 35,242 $ 38,331 $ 51,396 $ 60,236 $ 43,602 $ 58,110 Rent expense 151 193 293 425 639 453 650 Amortization 705 667 610 618 635 476 651 Collateralized mortgage financing: Interest incurred: 300 233 184 119 39 30 28 $ 28,851 $ 36,335 $ 39,418 $ 52,558 $ 61,549 $ 44,561 $ 59,439 Ratio, including collateralized mortgage financing (1) 3.87 3.81 4.35 3.89 4.53 3.84 4.58
(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of income before income taxes, extraordinary loss and change in accounting plus interest expense and fixed charges except interest incurred. Fixed charges consist of interest incurred (whether expensed or capitalized), the portion of rent expense that is representative of the interest factor, and amortization of debt discount and issuance costs.