EX-12.1 3 a3312015exhibit121.htm RATIO COMPUTATION 3.31.2015 Exhibit 12.1


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Six Months Ended 
 March 31, 2015
 
For the Fiscal Year Ended September 30,
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
($ in millions)
Consolidated income before income taxes
 
$
450.8

 
$
814.2

 
$
657.8

 
$
242.9

 
$
12.1

 
$
99.5

Noncontrolling interests in losses before income taxes of majority owned subsidiaries which have incurred losses
 
—

 
—

 
—

 
—

 
—

 
(0.2
)
Amortization of capitalized interest
 
69.3

 
124.4

 
110.9

 
94.1

 
92.0

 
124.2

Interest expensed
 
2.8

 
4.8

 
11.7

 
31.5

 
57.0

 
94.4

Earnings
 
$
522.9

 
$
943.4

 
$
780.4

 
$
368.5

 
$
161.1

 
$
317.9

Interest incurred
 
$
85.8

 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

 
$
181.3

Fixed charges
 
$
85.8

 
$
190.6

 
$
177.3

 
$
128.7

 
$
136.7

 
$
181.3

Ratio of earnings to fixed charges
 
6.09

 
4.95

 
4.40

 
2.86

 
1.18

 
1.75