EX-12.1 6 d567477dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Lennar Corporation

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

      Six Months Ended     Years Ended November 30,  
      May 31,
2013		     May 31,
2012		     2012     2011     2010     2009     2008  

Earnings:

               

Pre-tax earnings (loss)

    $ 215,610        58,556      $ 222,114        97,974        94,725        (760,404 )      (565,625 ) 

Adjustments to pretax earnings (loss):

               

Fixed Charges

      142,939        123,289        255,304        232,709        207,168        203,304        193,884   

Interest capitalized

      (75,292 )      (58,494 )      (127,668 )      (110,751 )      (111,056 )      (101,265 )      (120,700 ) 

Adjustments for earnings and losses of unconsolidated entities 50% or less owned entities

      (22,855 )      (10,665 )      4,597        87,338        6,144        133,415        80,225   

Previously capitalized interest amortized

      49,980        37,498        87,032        72,320        73,522        76,599        102,763   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Earnings”

    $ 310,382        150,184     

 

$

 

441,379

 

  

  

 

 

 

379,590

 

  

  

 

 

 

270,503

 

  

  

 

 

 

(448,351

 

) 

  

 

 

 

(309,453

 

) 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

               

Interest incurred

    $ 136,338        116,774     

 

$

 

242,389

 

  

  

 

 

 

219,383

 

  

  

 

 

 

193,535

 

  

  

 

 

 

180,659

 

  

  

 

 

 

157,580

 

  

Interest component of rent expense (1)

      6,601        6,515        12,915        13,326        13,633        22,645        36,304   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Fixed Charges”

    $ 142,939        123,289      $ 255,304        232,709        207,168        203,304        193,884   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      2.2        1.2        1.7        1.6        1.3        —       —  

Excess (deficiency) of earnings to fixed charges

    $ 167,443        26,895      $ 186,075        146,881        63,335        (651,655 )      (503,337 ) 

 

(1) Represents a reasonable approximation of the interest cost component of rental expense (one-third of rental expenses on operating leases) incurred by the Company. The purpose is to estimate the amount of interest paid due to operating the majority of the Company’s facilities under operating leases.