EX-12.1 5 d94820ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 D.R. HORTON, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the three months ended For the fiscal years ended September 30, December 31, -------------------------------------------------------- -------------------- 1997 1998 1999 2000 2001 2000 2001 -------- -------- -------- -------- -------- -------- -------- (dollars in thousands) Consolidated pretax income before cumulative effect of change in accounting principle ....... $108,550 $159,099 $263,826 $309,224 $407,797 $ 76,361 $117,485 Amortization of capitalized interest ........... 29,323 47,995 58,153 69,566 91,401 18,172 22,300 Interest expensed .............................. 11,707 17,453 18,565 18,680 17,695 4,845 3,459 -------- -------- -------- -------- -------- -------- -------- Earnings ............................. $149,580 $224,547 $340,544 $397,470 $516,893 $ 99,378 $143,244 -------- -------- -------- -------- -------- -------- -------- Interest incurred .............................. $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $ 31,483 $ 38,975 -------- -------- -------- -------- -------- -------- -------- Fixed charges ........................ $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $ 31,483 $ 38,975 -------- -------- -------- -------- -------- -------- -------- Ratio of earnings to fixed charges ............. 2.88 3.13 4.10 3.52 3.69 3.16 3.68 ======== ======== ======== ======== ======== ======== ========