EX-12 5 b416604_ex12.htm EXHIBIT 12 Prepared and Filed by St Ives Financial

Exhibit 12

Computation of Ratios of Earnings to Fixed Charges

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

347,318

 

$

411,153

 

$

647,432

 

$

806,110

 

$

1,126,616

 

Interest expense

 

 

65,344

 

 

74,086

 

 

94,324

 

 

126,221

 

 

122,473

 

Rent expense

 

 

1,799

 

 

1,972

 

 

2,417

 

 

3,923

 

 

4,377

 

Amortization

 

 

1,037

 

 

2,689

 

 

1,085

 

 

1,079

 

 

1,096

 

 

 

 

 

$

415,498

 

$

489,900

 

$

745,258

 

$

937,333

 

$

1,254,562

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homebuilding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest incurred

 

$

90,331

 

$

104,763

 

$

113,452

 

$

115,439

 

$

141,266

 

Rent expense

 

 

1,799

 

 

1,972

 

 

2,417

 

 

3,923

 

 

4,377

 

Amortization

 

 

1,037

 

 

2,689

 

 

1,085

 

 

1,079

 

 

1,096

 

 

 

 

 

$

93,167

 

$

109,424

 

$

116,954

 

$

120,441

 

$

146,739

 

 

 

Ratio

 

 

4.46

 

 

4.48

 

 

6.37

 

 

7.78

 

 

8.55