EX-12.1 15 v50128exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
 
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
 
                                         
    Years Ended November 30,  
    2008     2007     2006     2005     2004  
 
Earnings
                                       
Income (loss) from continuing operations before income taxes
  $ (967,931 )   $ (1,460,770 )   $ 571,847     $ 1,201,534     $ 642,184  
Add:
                                       
Interest incurred
    156,402       199,550       237,801       164,245       140,602  
Amortization of premiums and discounts related to debt
    2,062       2,478       2,441       1,550       1,617  
Portion of rent expense considered to be interest
    16,503       28,464       27,657       19,294       14,073  
Amortization of previously capitalized interest
    129,901       171,496       143,249       100,971       77,266  
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)
    157,393       171,576       15,164       (2,242 )     (2,302 )
Deduct:
                                       
Interest capitalized
    (143,436 )     (186,560 )     (221,074 )     (142,738 )     (121,241 )
                                         
Income (loss) as adjusted
  $ (649,106 )   $ (1,073,766 )   $ 777,085     $ 1,342,614     $  752,199  
                                         
Fixed charges
                                       
Interest incurred
  $ 156,402     $ 199,550     $ 237,801     $ 164,245     $ 140,602  
Amortization of premiums and discounts related to debt
    2,062       2,478       2,441       1,550       1,617  
Portion of rent expense considered to be interest
    16,503       28,464       27,657       19,294       14,073  
                                         
    $ 174,967     $ 230,492     $ 267,899     $ 185,089     $ 156,292  
                                         
Ratio of earnings to fixed charges
    —       —       2.90       7.25       4.81  
                                         
Coverage deficiency (a)
  $ (824,073 )   $ (1,304,258 )   $ —     $ —     $ —  
                                         
 
 
The ratios of earnings to fixed charges are computed on a consolidated basis excluding the French discontinued operations.
 
(a) Earnings for the year ended November 30, 2008 were insufficient to cover fixed charges for the period by $824.1 million. Earnings for the year ended November 30, 2007 were insufficient to cover fixed charges for the period by $1.30 billion.