EX-12.1 2 g21823a1exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
 
BEAZER HOMES USA, INC.
FIXED CHARGE COVERAGE RATIO CALCULATION
 
                                                         
          Quarter Ended
 
    Year Ended September 30,     December 31,  
    2009     2008     2007     2006     2005     2009     2008  
    ($ in thousands)  
 
(LOSS) INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
  ($ 186,546 )   ($ 729,115 )   ($ 574,593 )   $ 609,835     $ 572,340     $ 44,535     ($ 79,159 )
FIXED CHARGES
    137,631       145,604       154,743       130,636       95,242       34,108       34,994  
LESS: INTEREST CAPITALIZED
    (50,451 )     (84,474 )     (148,444 )     (124,162 )     (89,696 )     (12,648 )     (12,648 )
ADD: INTEREST AMORTIZED TO COS
    54,714       112,262       127,530       95,974       80,180       11,384       12,693  
ADD: INTEREST IMPAIRED TO COS
    3,376       13,795       12,350                   632       537  
                                                         
EARNINGS AVAILABLE FOR FIXED CHARGES
    (41,276 )     (541,928 )     (428,414 )     712,283       658,066       78,011       (43,619 )
FIXED CHARGES
  $ 137,631     $ 145,604     $ 154,743     $ 130,636     $ 95,242       34,108       34,994  
                                                         
RATIO OF EARNINGS TO FIXED CHARGES(a)
    (a )     (a )     (a )     5.45x       6.91x       2.29x       (a )
                                                         
 
 
(a) The ratio of earnings to fixed charges for each of the periods is determined by dividing earnings by fixed charges. Earnings consist of (loss) income from continuing operations before income taxes, amortization of previously capitalized interest and fixed charges, exclusive of capitalized interest cost. Fixed charges consist of interest incurred, amortization of deferred loan costs and debt discount, and that portion of operating lease rental expense (33%) deemed to be representative of interest. Earnings for fiscal years ended September 30, 2009, 2008 and 2007 and the quarter ended December 31, 2008 were insufficient to cover fixed charges by $41 million, $542 million, $428 million and $44 million, respectively.