EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

M/I Homes, Inc. and Subsidiaries

Statement of Computation of Ratios

 

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,
     Three Months Ended
March 31,
  
     2000
     2001
     2002
     2003
     2004
     2004
     2005
  

Earnings:

                                                         

Pretax income

    $ 72,564     $ 85,042     $ 109,200     $ 135,099     $ 151,297     $ 32,292     $ 27,453  

Fixed charges

      22,649       21,145       16,278       15,360       18,188       3,971       4,408  

Interest amortized to cost of sales

      4,156       4,179       5,568       4,806       5,222       966       1,832  

Less: Interest capitalized

      (5,607 )     (7,425 )     (4,856 )     (7,425 )     (6,416 )     (1,399 )     (1,587 )
    
 
 
 
 
 
 

Earnings

    $ 93,762     $ 102,941     $ 126,190     $ 147,840     $ 168,291     $ 35,830       32,106  
    
 
 
 
 
 
 

Fixed charges:

                                                         

One-third rent expense

    $ 2,844     $ 3,127     $ 3,180     $ 3,104     $ 3,430       749       958  

Interest incurred

      19,805       18,018       13,098       12,256       14,758       3,222       3,450  
    
 
 
 
 
 
 

Total fixed charges

    $ 22,649     $ 21,145     $ 16,278     $ 15,360     $ 18,188     $ 3,971       4,408  
    
 
 
 
 
 
 

Ratio of earnings to fixed charges

      4.1       4.9       7.8       9.6       9.3       9.0       7.3