Exhibit 12.1

Lennar Corporation

Statement of Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three months ended Feb. 28,			Years ended Nov. 30,
	2017			2016			2015			2014			2013			2012
Earnings:
Pre-tax earnings	$	49,643		$	1,330,469			1,209,616			969,784			681,941			222,114
Adjustments to pretax earnings :
Fixed Charges		88,937			360,423			364,844			335,358			298,101			255,304
Interest capitalized		(68,511	)		(276,768	)		(276,062	)		(236,897	)		(167,590	)		(127,668	)
Adjustments for earnings and losses of unconsolidated entities 50% or less owned entities		19,614			46,760			(44,431	)		(51,125	)		(41,856	)		4,597
Previously capitalized interest amortized		51,182			240,435			207,693			164,987			120,343			87,032
“Earnings”	$	140,865		$	1,701,319			1,461,660			1,182,107			890,939			441,379
Fixed Charges:
Interest incurred	$	83,655		$	339,366			346,224			319,067			284,144			242,389
Interest component of rent expense (1)		5,282			21,057			18,620			16,291			13,957			12,915
“Fixed Charges”	$	88,937		$	360,423			364,844			335,358			298,101			255,304
Ratio of Earnings to Fixed Charges		1.6			4.7			4.0			3.5			3.0			1.7
Excess of earnings to fixed charges	$	51,928		$	1,340,896			1,096,816			846,749			592,838			186,075

(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.