EX-12.1 2 d65388exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    For the Fiscal Year Ended September 30,
    2008   2007   2006   2005   2004
    ($ in millions)
Consolidated income (loss) before income taxes
   $ (2,631.8 )   $ (951.2 )   $ 1,987.1     $ 2,378.6     $ 1,582.9  
 
                                        
Minority interests in income before income taxes of subsidiaries which have incurred fixed charges
     —       2.6       2.6       —       4.8  
 
                                        
Minority interests in losses before income taxes of majority owned subsidiaries which have incurred losses
     (0.6 )     —       —       (0.3 )     (0.3 )
 
                                        
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss
     —       —       —       —       —  
 
                                        
Amortization of capitalized interest
     375.8       254.5       237.1       225.0       249.1  
 
                                        
Interest expensed
     56.6       52.6       72.1       33.9       17.5  
     
 
                                        
Earnings (loss)
   $ (2,200.0 )   $ (641.5 )   $ 2,298.9     $ 2,637.2     $ 1,854.0  
     
 
                                        
Interest incurred
   $ 254.3     $ 356.9     $ 397.5     $ 306.8     $ 250.9  
     
 
                                        
Fixed charges
   $ 254.3     $ 356.9     $ 397.5     $ 306.8     $ 250.9  
     
 
                                        
Ratio of earnings to fixed charges
     —       —       5.78       8.60       7.39  
     
 
                                        
Coverage deficiency
   $ 2,454.3     $ 998.4       —       —       —  
     
 
Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million, $17.9 million, $4.5 million and $3.0 million in fiscal 2007, 2006, 2005, and 2004, respectively.