EX-12 5 ex12.txt EXHIBIT 12 Exhibit 12 Computation of Ratios of Earnings to Fixed Charges
Three months ended Twelve months ended October 31, January 31, ---------------------------------------------------------------- ------------------------- 1998 1999 2000 2001 2002 2002 2003 ---- ---- ---- ---- ---- ---- ---- Earnings: Income before income taxes $132,666 $161,678 $232,766 $339,712 $347,318 $69,984 $71,920 Interest expense 37,522 41,896 46,816 59,038 65,344 14,986 19,024 Rent expense 293 425 639 852 930 237 273 Amortization 1,094 1,538 635 897 1,037 259 1,230 --------------------------------------------------------------------- ------------------------- $171,575 $205,537 $280,856 $400,499 $414,629 $85,466 $92,447 ===================================================================== ========================= Fixed charges: Homebuilding Interest incurred $39,801 $52,914 $60,275 $79,245 $90,331 $22,878 $28,701 Rent expense 293 425 639 852 930 237 273 Amortization 1,094 1,538 635 897 1,037 259 1,230 --------------------------------------------------------------------- ------------------------- $41,188 $54,877 $61,549 $80,994 $92,298 $23,374 $30,204 ===================================================================== ========================= Ratio 4.17 3.75 4.56 4.94 4.49 3.66 3.06