EX-12.1 3 d106681dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

M/I Homes, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges

 

     Nine Months Ended
September 30,		     Fiscal Year Ended December 31  

(Dollars in thousands)

    2015     2014     2014     2013     2012     2011     2010  

Earnings:

               

Income (loss) from continuing operations before income taxes

    $ 64,075      $ 49,991      $ 69,736      $ 41,335      $ 12,759      $ (33,902 )    $ (27,404 ) 

Add:

               

Loss (income) of unconsolidated joint ventures

      (248 )      (62 )      (347 )      (322 )      12        23        (276 ) 

Fixed charges from below

      26,895        24,016        33,157        30,985        27,389        26,062        21,026   

Interest amortized to cost of sales

      11,637        11,232        16,443        15,175        13,468        10,949        13,339   

Less:

               

Interest capitalized

      (13,466 )      (13,141 )      (17,937 )      (13,601 )      (9,975 )      (9,743 )      (9,744 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total (loss) earnings (a)

    $ 88,893      $ 72,036      $ 101,052      $ 73,572      $ 43,653      $ (6,611 )    $ (3,059 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

               

Interest incurred (a)

    $ 22,946      $ 20,361      $ 28,181      $ 26,201      $ 23,462      $ 22,287      $ 16,286   

Amortization of debt costs

      2,390        2,329        3,121        3,338        2,584        2,461        2,873   

Rental expense interest factor

      1,559        1,326        1,855        1,446        1,343        1,314        1,867   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 26,895      $ 24,016      $ 33,157      $ 30,985      $ 27,389      $ 26,062      $ 21,026   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      3.31        3.00        3.05        2.37        1.59        —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency

      —          —          —          —          —        $ 32,673      $ 24,085   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 income (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.