EX-12.1 3 d574147dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Lennar Corporation

Statement of Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

     Three Months Ended                                
     February 28,     Years ended November 30  
     2018     2017     2016     2015     2014     2013  

Earnings:

             

Pre-tax earnings

    $ 269,428     $ 1,189,611     $ 1,330,469     $ 1,209,616     $ 969,784     $ 681,941  

Adjustments to pretax earnings:

             

Fixed Charges

      107,928       377,497       360,423       364,844       335,358       298,101  

Interest capitalized

      (81,783 )      (283,160 )      (276,768 )      (276,062 )      (236,897 )      (167,590 ) 

Adjustments for earnings and losses of unconsolidated entities 50% or less owned entities

      5,973       88,191       46,760       (44,431 )      (51,125 )      (41,856 ) 

Previously capitalized interest amortized

      48,792       270,646       240,435       207,693       164,987       120,343  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Earnings”

    $ 350,338     $ 1,642,785     $ 1,701,319     $ 1,461,660     $ 1,182,107     $ 890,939  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

             

Interest incurred

    $ 97,953     $ 352,642     $ 339,366       346,224       319,067       284,144  

Interest component of rent expense (1)

      9,975       24,855       21,057       18,620       16,291       13,957  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Fixed Charges”

    $ 107,928     $ 377,497     $ 360,423     $ 364,844     $ 335,358     $ 298,101  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      3.2       4.4       4.7       4.0       3.5       3.0  

Excess of earnings to fixed charges

    $ 242,410     $ 1,265,288     $ 1,340,896     $ 1,096,816     $ 846,749     $ 592,838  

 

(1) Represents a reasonable approximation of the interest cost component of rental expense (one-third of rental expenses on operating leases) incurred by the Company. The purpose is to estimate the amount of interest paid due to operating the majority of the Company’s facilities under operating leases.