EX-12.1 3 w47353ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 THE RYLAND GROUP, INC. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, 1998, 1997 AND 1996 (DOLLARS IN THOUSANDS)
1996 1997 1998 1999 2000 ---------- -------- --------- --------- --------- Consolidated pretax income from continuing operations $26,397 $36,470 $75,158 $109,336 $134,840 Share of distributed income of 50%-or-less-owned affiliates net of equity pickup 539 1,334 2,602 (263) (163) Amortization of capitalized interest 17,035 21,581 20,645 19,027 27,581 Interest 90,529 74,950 63,410 52,764 62,610 Less interest capitalized during the period (16,975) (17,636) (18,601) (24,397) (34,105) Net amortization of debt discount and premium and issuance expense 243 84 36 33 -- Interest portion of rental expense 3,394 3,541 4,709 4,522 6,065 --------- --------- --------- --------- --------- EARNINGS $121,162 $120,324 $147,959 $161,022 $196,828 ========= ========= ========= ========= ========= Interest 90,529 74,950 63,410 52,764 62,610 Net amortization of debt discount and issuance expense 243 84 36 33 -- Interest portion of rental expense 3,394 3,541 4,709 4,522 6,065 Interest expense relating to guaranteed debt of 50%-or-less-owned affiliate -- -- -- -- -- --------- --------- --------- --------- --------- FIXED CHARGES $94,166 $78,575 $68,155 $57,319 $68,675 ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 1.29 1.53 2.17 2.81 2.87