EX-12.1 4 d352922dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

M/I Homes, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

     Three Months Ended
March 31,		     Fiscal Year Ended December 31,  

(Dollars in Thousands)

    2012     2011     2011     2010     2009     2008     2007  

Earnings:

               

Loss from continuing operations before income taxes

    $ (4,374 )   $ (16,966 )   $ (33,902 )   $ (27,404 )   $ (92,989 )   $ (215,124 )   $ (150,876 )

Add:

               

Loss (income) of unconsolidated joint ventures

      2        10        23        (276 )     1        (158 )     892   

Fixed charges from below

      6,805        6,513        26,062        21,026        20,186        24,023        38,394   

Interest amortized to cost of sales

      2,565        2,338        10,949        13,339        11,720        12,969        18,397   

Less:

               

Interest capitalized

      (1,866 )     (2,162 )     (9,743 )     (9,744 )     (9,552 )     (9,593 )     (18,118 )
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)

    $ 3,132      $ (10,267 )   $ (6,611 )   $ (3,059 )   $ (70,634 )   $ (187,883 )   $ (111,311 )
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

               

Interest incurred (a)

    $ 5,885      $ 5,548      $ 22,287      $ 16,286      $ 14,838      $ 18,174      $ 31,391   

Amortization of debt costs

      587        649        2,461        2,873        3,181        2,616        2,070   

Rental expense interest factor

      333        316        1,314        1,867        2,167        3,233        4,933   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 6,805      $ 6,513      $ 26,062      $ 21,026      $ 20,186      $ 24,023      $ 38,394   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      0.46       —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency

    $ 3,673      $ 16,780      $ 32,673      $ 24,085      $ 90,820      $ 211,906        149,705   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) The Company records interest accrued on certain tax positions in income tax (benefit) provision. Interest included in “fixed charges” is only interest on third party indebtedness, and interest expense accrued on uncertain tax positions is excluded from the calculation of “earnings.”

The ratio of earnings to fixed charges is determined by dividing earnings by fixed charges. Earnings consists of loss from continuing operations before income taxes, loss (income) of unconsolidated joint ventures, fixed charges and interest amortized to cost of sales, excluding capitalized interest. Fixed charges consists of interest incurred, amortization of debt costs and that portion of operating lease rental expense (33%) deemed to be representative of interest.