EX-12.1 4 y53531a2ex12-1.txt STATEMENTS 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) 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" ..................................... $ 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.