EX-12.1 2 a2014930-10kexhibit121.htm RATIO COMPUTATION 2014.9.30 - 10K Exhibit 12.1


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


 
 
For the Fiscal Year Ended September 30,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
($ in millions)
Consolidated income before income taxes
 
$
814.2

 
$
657.8

 
$
242.9

 
$
12.1

 
$
99.5

Noncontrolling interests in losses before income taxes of majority owned subsidiaries
    which have incurred losses
 
—

 
—

 
—

 
—

 
(0.2
)
Amortization of capitalized interest
 
124.4

 
110.9

 
94.1

 
92.0

 
124.2

Interest expensed
 
4.8

 
11.7

 
31.5

 
57.0

 
94.4

Earnings
 
$
943.4

 
$
780.4

 
$
368.5

 
$
161.1

 
$
317.9

Interest incurred
 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

 
$
181.3

Fixed charges
 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

 
$
181.3

Ratio of earnings to fixed charges
 
4.95

 
4.40

 
2.86

 
1.18

 
1.75