EX-12.1 2 ex12-1.txt COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT 12.1 THE RYLAND GROUP, INC. STATEMENTS RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND THE YEARS ENDED DECEMBER 31, 1999, 1998, 1997, 1996, AND 1995 (dollars in thousands)
SIX MONTHS ENDED JUNE 30, 1995 1996 1997 1998 1999 2000 ---------- ------------ ------------ ------------ ------------- -------------- Consolidated pretax income(loss) from continuing operations (42,457) 26,397 36,470 75,158 109,336 45,687 Share of distributed income of 50%-or-less-owned affiliates net of equity pickup 11,082 539 1,334 2,602 (263) (253) Amortization of capitalized interest 12,137 17,035 21,581 20,645 19,027 10,017 Interest 108,246 90,529 74,950 63,410 52,764 30,078 Less interest capitalized during the period (17,543) (16,975) (17,636) (18,601) (24,397) (17,520) Net amortization of debt discount and premium and issuance expense 94 243 84 36 33 - Interest portion of rental expense 3,890 3,394 3,541 4,709 4,522 1,719 ---------- ------------ ------------ ------------ ------------- ------------ EARNINGS 75,449 121,162 120,324 147,959 161,022 69,728 Interest 108,246 90,529 74,950 63,410 52,764 30,078 Net amortization of debt discount and premium and issuance expense 94 243 84 36 33 - Interest portion of rental expense 3,890 3,394 3,541 4,709 4,522 1,719 Interest expense relating to guaranteed debt of 50%-or-less-owned affiliate - - - - - - ---------- ------------ -------------------------------------------------------- Fixed Charges 112,230 94,166 78,575 68,155 57,319 31,797 Ratio of Earnings to Fixed Charges -- * 1.29 1.53 2.17 2.81 2.19
* For the year ended December 31, 1995, the deficiency of earnings to fixed charges totaled $37 million, primarily due to a $45 million impairment relating to homebuilding inventories.