EX-12 11 ex12.txt EXHIBIT 12 EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges
Nine months ended For the Twelve Months ended October 31, July 31, ------------------------------------------------------------ ---------------------------- 2000 2001 2002 2003 2004 2004 2005 ------------------------------------------------------------ ---------------------------- Earnings: Income before income taxes $232,766 $339,712 $347,318 $411,153 $647,432 $361,312 $814,430 Interest expense 46,816 59,038 65,344 74,086 94,324 60,757 86,401 Rent expense 639 852 930 1,150 1,474 1,073 2,055 Amortization 635 897 1,037 2,689 1,085 817 811 ------------------------------------------------------------ ---------------------------- $280,856 $400,499 $414,629 $489,078 $744,315 $423,959 $903,697 ============================================================ ============================ Fixed charges: Homebuilding Interest incurred $60,275 $79,245 $90,331 $104,763 $113,452 $85,140 $87,070 Rent expense 639 852 930 1,150 1,474 1,073 2,055 Amortization 635 897 1,037 2,689 1,085 817 811 ------------------------------------------------------------ ---------------------------- $61,549 $80,994 $92,298 $108,602 $116,011 $87,030 $89,936 ============================================================ ============================ Ratio 4.56 4.94 4.49 4.50 6.42 4.87 10.05