EX-12.1 2 a12312015exhibit121.htm RATIO COMPUTATION Exhibit


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Three Months Ended 
 December 31, 2015
 
For the Fiscal Year Ended September 30,
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
($ in millions)
Consolidated income before income taxes
 
$
241.3

 
$
1,123.4

 
$
814.2

 
$
657.8

 
$
242.9

 
$
12.1

Amortization of capitalized interest
 
35.2

 
159.7

 
124.4

 
110.9

 
94.1

 
92.0

Interest expensed
 
1.4

 
5.6

 
4.8

 
11.7

 
31.5

 
57.0

Earnings
 
$
277.9

 
$
1,288.7

 
$
943.4

 
$
780.4

 
$
368.5

 
$
161.1

Interest incurred
 
$
43.6

 
$
174.8

 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

Fixed charges
 
$
43.6

 
$
174.8

 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

Ratio of earnings to fixed charges
 
6.37

 
7.37

 
4.95

 
4.40

 
2.86

 
1.18