EX-12.1 2 d51532exv12w1.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    For the Fiscal Year Ended September 30,
    2007   2006   2005   2004   2003
     
            ($ in millions)                
 
                                        
Consolidated income (loss) before income taxes
   $ (951.2 )   $ 1,987.1     $ 2,378.6     $ 1,582.9     $ 1,008.2  
Minority interests in income before income taxes of subsidiaries which have incurred fixed charges
     2.6       2.6       —       4.8       8.8  
Minority interests in losses before income taxes of majority owned subsidiaries which have incurred losses
     —       —       (0.3 )     (0.3 )     (0.9 )
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss
     —       —       —       —       0.6  
Amortization of capitalized interest
     254.5       237.1       225.0       249.1       219.4  
Interest expensed
     52.6       72.1       33.9       17.5       19.5  
     
Earnings (loss)
   $ (641.5 )   $ 2,298.9     $ 2,637.2     $ 1,854.0     $ 1,255.6  
     
Interest incurred
   $ 356.9     $ 397.5     $ 306.8     $ 250.9     $ 253.8  
     
Fixed charges
   $ 356.9     $ 397.5     $ 306.8     $ 250.9     $ 253.8  
     
Ratio of earnings to fixed charges
     —       5.78       8.60       7.39       4.95  
     
Coverage deficiency
   $ 998.4       —       —       —       —  
     
Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million, $17.9 million, $4.5 million, $3.0 million and $3.8 million in fiscal 2007, 2006, 2005, 2004 and 2003, respectively.