EX-12.1 3 d334619dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

 

     TMHC  
     Year Ended December 31,  
     2016     2015     2014     2013     2012  

Net income (loss) from continuing operations before income taxes and minority interest

      314,206       260,986       301,994       4,545       71,657  

Income from equity method investees

      (7,453 )      (1,759 )      (5,405 )      (2,895 )      (1,214 ) 

(Income)/Loss from non-controlling interests - joint ventures

      (1,294 )      (1,681 )      (1,648 )      131       (28 ) 

(Income) loss from continuing operations attributable to non-controlling interests - Principal Equityholders

      (152,653 )      (123,909 )      (163,790 )      1,442       —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

      152,806       133,637       131,151       3,223       70,415  

Add/(deduct):

           

+ Fixed Charges

      91,979       97,226       93,076       65,185       48,677  

+ Amortization of Capitalized Interest

      90,851       83,163       65,165       34,894       20,413  

+ Distributed Income of Equity Method Investees

      4,261       2,204       3,746       1,800       3,217  

- Interest Capitalized

      (88,345 )      (93,431 )      (88,782 )      (60,769 )      (46,340 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

      251,552       222,799       204,356       44,333       96,382  

Fixed Charges:

           

Interest and other financial charges expensed and capitalized

      88,345       93,431       88,782       61,582       46,340  

Bond issue costs amortized

      2,301       2,705       3,340       2,792       1,752  

Interest factor attributed to rentals

      1,333       1,090       955       811       585  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

      91,979       97,226       93,076       65,185       48,677  

Ratio of Earnings to Fixed Charges (1)

      2.7 x      2.3 x      2.2 x    $ (20,852 )      2.0 x 

 

(1)  For periods in which earnings before fixed charges were insufficient to cover fixed charges, the dollar amount of coverage deficiency, instead of the ratio, is disclosed.