EX-12 15 ex12.txt EXHIBIT 12 EXHIBIT 12 Computation of Ratios of earnings to Fixed Charges
Nine months Twelve months ended October 31, ended July 31, --------------------------------------------------------------------- ------------------------------- 1998 1999 2000 2001 2002 2002 2003 ---- ---- ---- ---- ---- ---- ---- Earnings: Income before income taxes $132,666 $161,678 $232,766 $339,712 $347,318 $237,414 $263,391 Interest expense 37,522 41,896 46,816 59,038 65,344 45,942 50,566 Rent expense 293 425 639 852 930 701 846 Amortization 1,094 1,538 635 897 1,037 778 1,699 --------------------------------------------------------------------- ------------------------------- $171,575 $205,537 $280,856 $400,499 $414,629 $284,835 $316,502 ===================================================================== =============================== Fixed charges: Homebuilding Interest incurred $39,801 $52,914 $60,275 $79,245 $90,331 $67,549 $76,831 Rent expense 293 425 639 852 930 701 846 Amortization 1,094 1,538 635 897 1,037 778 1,699 --------------------------------------------------------------------- ------------------------------- $41,188 $54,877 $61,549 $80,994 $92,298 $69,028 $79,376 ===================================================================== =============================== Ratio 4.17 3.75 4.56 4.94 4.49 4.13 3.99