EX-12 8 ex12.htm EXHIBIT 12 ex12.htm

 Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

 

         

Fiscal Year Ended

 

(Dollars In thousands)

 

October 31,

2014

   

October 31,

2013

   

October 31,

2012

   

October 31,

2011

   

October 31,

2010

 

Net income (loss)

  $296,097     $31,295     $(66,197

)

  $(286,087

)

  $2,588  

Add:

                             

Federal and state income tax (benefit) provision

  (275,917 )   (9,360 )   (35,051

)

  (5,501

)

  (297,870

)

Interest expensed

  141,344     143,574     152,433     171,845     182,359  

Interest expensed mortgage and financing subsidiaries

  1,835     3,008     2,514     1,889     1,848  
Interest included in rent expense   5,538     5,199     5,663     6,612     7,914  

Distributions of earnings of unconsolidated joint ventures, net of (loss) income from unconsolidated joint ventures

  (1,853 )   (9,700 )   (3,611

)

  10,541     1,295  

Amortization of bond prepaid expenses

  8,275     6,045     3,713     3,978     3,310  

Amortization of bond discounts

  2,045     1,798     3,149     2,069     1,741  

Total income (loss) earnings

  $177,364     $171,859     $62,613     $(94,654

)

  $(96,815

)

Fixed Charges:

                             

Interest incurred

  $145,409     $132,611     $147,048     $156,998     $154,307  

Interest incurred mortgage and financing subsidiaries

  1,835     3,008     2,434     1,959     1,848  

Amortization of bond prepaid expenses

  8,275     6,045     3,713     3,978     3,310  

Amortization of bond discounts

  2,045     1,798     3,149     2,069     1,741  

Interest included in rent expense (a)

  5,538     5,199     5,663     6,612     7,914  

Total fixed charges

  $163,102     $148,661     $162,007     $171,616     $169,120  

Ratio of earnings to fixed charges

  1.1     1.2    

(b)

   

(b)

   

(b)

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

         

Fiscal Year Ended

 

(Dollars In thousands)

 

October 31,

2014

   

October 31,

2013

   

October 31,

2012

   

October 31,

2011

   

October 31,

2010

 

Total income (loss) earnings – above

  $177,364     $171,859     $62,613     $(94,654

)

  $(96,815

)

Total fixed charges – above

  $163,102     $148,661     $162,007     $171,616     $169,120  

Preferred stock dividends (adjusted to pretax dollars)

                             

Combined fixed charges and preferred stock dividends

  $163,102     $148,661     $162,007     $171,616     $169,120  

Ratio of earnings to combined fixed charges and preferred stock dividends

  1.1     1.2    

(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 and 2010, were insufficient to cover fixed charges for such period by $105.1 million, $272.9 million and $273.8 million, respectively.

(c)

Earnings for the year ended October 31, 2012, 2011 and 2010 were insufficient to cover fixed charges and preferred stock dividends for such period by $105.1 million, $272.9 million and $273.8 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 2014, 2013, 2012, 2011 and 2010.