Exhibit 12.1

Lennar Corporation

Statement of Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Years ended Nov. 30,
	2015			2014			2013			2012			2011
Earnings:
Pre-tax earnings	$	1,209,616			969,784			681,941			222,114			97,974
Adjustments to pretax earnings :
Fixed Charges		364,844			335,358			298,101			255,304			232,709
Interest capitalized		(276,062	)		(236,897	)		(167,590	)		(127,668	)		(110,751	)
Adjustments for earnings and losses of unconsolidated entities 50% or less owned entities		(44,431	)		(51,125	)		(41,856	)		4,597			87,338
Previously capitalized interest amortized		207,693			164,987			120,343			87,032			72,320
“Earnings”	$	1,461,660			1,182,107			890,939			441,379			379,590
Fixed Charges:
Interest incurred	$	346,224			319,067			284,144			242,389			219,383
Interest component of rent expense (1)		18,620			16,291			13,957			12,915			13,326
“Fixed Charges”	$	364,844			335,358			298,101			255,304			232,709
Ratio of Earnings to Fixed Charges		4.0			3.5			3.0			1.7			1.6
Excess (deficiency) of earnings to fixed charges	$	1,096,816			846,749			592,838			186,075			146,881

(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.