EX-12.1 3 v57647exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
 
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
 
                                         
    Years Ended November 30,  
    2010     2009     2008     2007     2006  
 
Earnings
                                       
Income (loss) from continuing operations before income taxes
  $ (76,368 )   $ (311,184 )   $ (967,931 )   $ (1,460,770 )   $ 571,847  
Add:
                                       
Interest incurred
    122,230       119,602       156,402       199,550       237,801  
Amortization of premiums and discounts related to debt
    2,149       1,586       2,062       2,478       2,441  
Portion of rent expense considered to be interest
    4,658       7,507       16,503       28,464       27,657  
Amortization of previously capitalized interest
    95,236       138,179       129,901       171,496       143,249  
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)
    19,638       43,262       157,393       171,576       15,164  
Deduct:
                                       
Interest capitalized
    (53,923 )     (67,839 )     (143,436 )     (186,560 )     (221,074 )
                                         
Income (loss) as adjusted
  $ 113,620     $ (68,887 )   $ (649,106 )   $ (1,073,766 )   $ 777,085  
                                         
Fixed charges
                                       
Interest incurred
  $ 122,230     $ 119,602     $ 156,402     $ 199,550     $ 237,801  
Amortization of premiums and discounts related to debt
    2,149       1,586       2,062       2,478       2,441  
Portion of rent expense considered to be interest
    4,658       7,507       16,503       28,464       27,657  
                                         
    $ 129,037     $ 128,695     $ 174,967     $ 230,492     $ 267,899  
                                         
Ratio of earnings to fixed charges
    —       —       —       —       2.90  
                                         
Coverage deficiency (a)
  $ (15,417 )   $ (197,582 )   $ (824,073 )   $ (1,304,258 )   $ —  
                                         
 
 
The ratios of earnings to fixed charges are computed on a consolidated basis excluding our French discontinued operations for the years ended November 30, 2007 and 2006.
 
(a) Earnings for the years ended November 30, 2010, 2009, 2008 and 2007 were insufficient to cover fixed charges for the periods by $15.4 million, $197.6 million, $824.1 million and $1.30 billion, respectively.