Exhibit 12

	October 31,
	2007		2008			2009			2010			2011
(Loss) earnings:
(Loss) income before income taxes	$	70,680	$	(466,787	)	$	(496,465	)	$	(117,187	)	$	(29,366	)
Interest expense		102,652		89,300			96,727			106,997			80,282
Rent expense		4,252		4,070			3,066			2,890			2,343
Amortization		1,102		1,380			1,239			1,374			1,347
	$	178,686	$	(372,037	)	$	(395,433	)	$	(5,926	)	$	54,606
Fixed charges:
Homebuilding
Interest incurred	$	136,758	$	116,340		$	118,026		$	114,975		$	114,761
Rent expense		4,252		4,070			3,066			2,890			2,343
Amortization		1,102		1,380			1,239			1,374			1,347
	$	142,112	$	121,790		$	122,331		$	119,239		$	118,451
Ratio		1.26			(a)			(a)			(a)			(a)

(a) For the twelve-month periods ended October 31, 2011, 2010, 2009 and 2008, our earnings were not sufficient to cover fixed charges by approximately $63.8 million, $125.2 million, $517.8 million and $493.8 million, respectively.