EX-12.1 3 d796324dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

     For the Nine
Months
Ended
August 31,
2014		     Years Ended November 30,  
       2013     2012     2011     2010     2009  

Earnings:

             

Pre-tax earnings (loss)

    $ 591,841        681,941        222,114        97,974        94,725        (760,404 ) 

Adjustments to pretax earnings (loss):

             

Fixed charges

      251,067        298,101        255,304        232,709        207,168        203,304   

Interest capitalized

      (175,047 )      (167,590 )      (127,668 )      (110,751 )      (111,056 )      (101,265 ) 

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

      (41,980 )      (41,856 )      4,597        87,338        6,144        133,415   

Previously capitalized interest amortized

      110,206        120,343        87,032        72,320        73,522        76,599   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Earnings”

    $ 736,087        890,939        441,379        379,590        270,503        (448,351 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

             

Interest incurred

    $ 239,155        284,144        242,389        219,383        193,535        180,659   

Interest component of rent expense (1)

      11,912        13,957        12,915        13,326        13,633        22,645   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

“Fixed Charges”

    $ 251,067        298,101        255,304        232,709        207,168        203,304   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      2.9        3.0        1.7        1.6        1.3        —     

Excess (deficiency) of earnings to fixed charges

    $ 485,020        592,838        186,075        146,881        63,335        (651,655 ) 

 

(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.