EX-12.1 3 y50753ex12-1.txt STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS 1 Exhibit 12.1 COMPUTATION OF EARNINGS TO FIXED CHARGES (INCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES) (DOLLARS IN THOUSANDS)
Six Months Ended Fiscal Years Ended November 30, ---------------- ---------------------------------------------------- May 31, May 31, 2001 2000 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- ---- ---- Earnings From Continuing Operations: Pre-tax income from continuing operations. $241,093 96,151 375,635 285,477 240,114 85,727 84,429 Adjustments to pre-tax income from continuing operations: Fixed charges............................. 78,529 47,830 142,654 73,020 63,792 63,483 49,100 Interest capitalized...................... (64,334) (37,937) (117,444) (54,792) (45,930) (32,600) (23,200) Adjustments for undistributed earnings and losses of unconsolidated 50% or less owned entities......................... 2,644 1,884 6,928 (8,197) 1,050 15 50 Previously capitalized interest amortized. 53,114 29,728 98,601 49,011 43,216 25,600 20,500 ------- ------ ------- ------ ------ ------ ------ "Earnings"................................ $311,046 137,656 506,374 344,519 302,242 142,225 130,879 ======= ====== ======= ====== ====== ====== ====== Fixed Charges: Interest incurred......................... $71,244 43,288 130,458 64,908 59,043 63,483 49,100 Interest component of rent expense(1)..... 7,285 4,542 12,196 8,112 4,749 - - ------- ------ ------- ------ ------ ------ ------ "Fixed Charges"........................... $78,529 47,830 142,654 73,020 63,792 63,483 49,100 ======= ====== ======= ====== ====== ====== ====== Earnings To Fixed Charges Including Limited-Purpose Finance Subsidiaries... 4.0 2.9 3.5 4.7 4.7 2.2 2.7
_______________________________ (1) The interest component of rent expense was not material prior to 1998. 2 COMPUTATION OF EARNINGS TO FIXED CHARGES (EXCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES) (DOLLARS IN THOUSANDS)
Six Months Ended Fiscal Years Ended November 30, ---------------- --------------------------------------------------- May 31, May 31, 2001 2000 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- ---- ---- Earnings From Continuing Operations: Pre-tax income from continuing operations. $241,093 96,151 375,635 285,477 240,114 85,727 84,429 Adjustments to pre-tax income from continuing operations: Fixed charges............................. 77,898 46,962 141,047 70,789 60,541 58,969 43,900 Interest capitalized...................... (64,334) (37,937) (117,444) (54,792) (45,930) (32,600) (23,200) Adjustment for undistributed earnings and losses of unconsolidated 50% or less owned entities......................... 2,644 1,884 6,928 (8,197) 1,050 15 50 Previously capitalized interest amortized. 53,114 29,728 98,601 49,011 43,216 25,600 20,500 ------- ------- ------- ------- ------- ------- ------- "Earnings"................................ $310,415 136,788 504,767 342,288 298,991 137,711 125,679 ======= ======= ======= ======= ======= ======= ======= Fixed Charges: Interest incurred (excluding limited-purpose financing subsidiaries) ......................... $ 70,613 42,420 128,851 62,677 55,792 58,969 43,900 Interest component of rent expense(1)..... 7,285 4,542 12,196 8,112 4,749 - - ------- ------- ------- ------- ------- ------- ------- "Fixed Charges"........................... $ 77,898 46,962 141,047 70,789 60,541 58,969 43,900 ======= ======= ======= ======= ======= ======= ======= Earnings To Fixed Charges Excluding Limited-Purpose Finance Subsidiaries... 4.0 2.9 3.6 4.8 4.9 2.3 2.9
_________________________ (1) The interest component of rent expense was not material prior to 1998.