ex12.htm

EX-12 2 ex12.htm EXHIBIT 12 ex12.htm

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Fiscal Year Ended

(Dollars In thousands)

October 31,

2013

October 31,

2012

October 31,

2011

October 31,

2010

October 31,

2009

Net (loss) income
$ 31,295 $ (66,197
)
$ (286,087
)
$ 2,588 $ (716,712
)

Add:

Federal and state (benefit) income tax provision
(9,360 ) (35,051
)
(5,501
)
(297,870
)
44,693

Interest expensed
143,574 152,433 171,845 182,359 200,469

Interest expensed mortgage and financing subsidiaries
3,008 2,514 1,889 1,848 1,728

Interest included in rent expense 5,199 5,663 6,612 7,914 12,206

Distributions of earnings of unconsolidated joint ventures, net of (loss) income from unconsolidated joint ventures
(9,700 ) (3,611
)
10,541 1,295 50,134

Amortization of bond prepaid expenses
6,045 3,713 3,978 3,310 14,300

Amortization of bond discounts
1,798 3,149 2,069 1,741 1,179

Total income (loss) earnings
$ 171,859 $ 62,613 $ (94,654
)
$ (96,815
)
$ (392,003
)

Fixed Charges:

Interest incurred
$ 132,611 $ 147,048 $ 156,998 $ 154,307 $ 194,702

Interest incurred mortgage and financing subsidiaries
3,008 2,434 1,959 1,848 1,728

Amortization of bond prepaid expenses
6,045 3,713 3,978 3,310 14,300

Amortization of bond discounts
1,798 3,149 2,069 1,741 1,179

Interest included in rent expense (a)
5,199 5,663 6,612 7,914 12,206

Total fixed charges
$ 148,661 $ 162,007 $ 171,616 $ 169,120 $ 224,115

Ratio of earnings to fixed charges
1.2
(b)

(b)

(b)

(b)

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Fiscal Year Ended

(Dollars In thousands)

October 31,

2013

October 31,

2012

October 31,

2011

October 31,

2010

October 31,

2009

Total income (loss) earnings – above
$ 171,859 $ 62,613 $ (94,654
)
$ (96,815
)
$ (392,003
)

Total fixed charges – above
$ 148,661 $ 162,007 $ 171,616 $ 169,120 $ 224,115

Preferred stock dividends (adjusted to pretax dollars)

Combined fixed charges and preferred stock dividends
$ 148,661 $ 162,007 $ 171,616 $ 169,120 $ 224,115

Ratio of earnings to combined fixed charges and preferred stock dividends
1.2
(c)

(c)

(c)

(c)

(a)

Management has determined the interest component of rent expense to be 33%.

(b)

Earnings for the year ended October 31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges for such period by $105.1 million, $272.9 million, $273.8 million, $628.3 million and $1,153.5 million, respectively.

(c)

Earnings for the year ended October 31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges and preferred stock dividends for such period by $105.1 million, $272.9 million, $273.8 million, $628.3 million and $1,153.5 million, respectively. Due to restrictions in our indentures on our senior and senior secured notes, we are currently prohibited from paying dividends on our preferred stock and did not make any dividend payments in fiscal 2012, 2011, 2010, 2009 and 2008.

	Fiscal Year Ended
(Dollars In thousands)	October 31, 2013			October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009
Net (loss) income	$	31,295		$	(66,197	)	$	(286,087	)	$	2,588		$	(716,712	)
Add:
Federal and state (benefit) income tax provision		(9,360	)		(35,051	)		(5,501	)		(297,870	)		44,693
Interest expensed		143,574			152,433			171,845			182,359			200,469
Interest expensed mortgage and financing subsidiaries		3,008			2,514			1,889			1,848			1,728
Interest included in rent expense		5,199			5,663			6,612			7,914			12,206
Distributions of earnings of unconsolidated joint ventures, net of (loss) income from unconsolidated joint ventures		(9,700	)		(3,611	)		10,541			1,295			50,134
Amortization of bond prepaid expenses		6,045			3,713			3,978			3,310			14,300
Amortization of bond discounts		1,798			3,149			2,069			1,741			1,179
Total income (loss) earnings	$	171,859		$	62,613		$	(94,654	)	$	(96,815	)	$	(392,003	)
Fixed Charges:
Interest incurred	$	132,611		$	147,048		$	156,998		$	154,307		$	194,702
Interest incurred mortgage and financing subsidiaries		3,008			2,434			1,959			1,848			1,728
Amortization of bond prepaid expenses		6,045			3,713			3,978			3,310			14,300
Amortization of bond discounts		1,798			3,149			2,069			1,741			1,179
Interest included in rent expense (a)		5,199			5,663			6,612			7,914			12,206
Total fixed charges	$	148,661		$	162,007		$	171,616		$	169,120		$	224,115
Ratio of earnings to fixed charges		1.2		(b)			(b)			(b)			(b)

(a)	Management has determined the interest component of rent expense to be 33%.
(b)	Earnings for the year ended October 31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges for such period by $105.1 million, $272.9 million, $273.8 million, $628.3 million and $1,153.5 million, respectively.
(c)	Earnings for the year ended October 31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges and preferred stock dividends for such period by $105.1 million, $272.9 million, $273.8 million, $628.3 million and $1,153.5 million, respectively. Due to restrictions in our indentures on our senior and senior secured notes, we are currently prohibited from paying dividends on our preferred stock and did not make any dividend payments in fiscal 2012, 2011, 2010, 2009 and 2008.