EX-12.1 3 v50158exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
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Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
                                                 
    Nine Months        
    Ended August 31,     Years Ended November 30,  
    2008     2007     2006     2005     2004     2003  
EARNINGS
                                                
Income (loss) from continuing operations before income taxes (a)
   $ (674,947 )   $ (1,460,770 )   $ 571,847     $ 1,201,534     $ 642,184     $ 488,510  
 
                                                
Add:
                                                
Interest incurred
     123,029       199,550       237,801       164,245       140,602       119,335  
Amortization of premiums and discounts related to debt
     2,942       2,478       2,441       1,550       1,617       1,769  
Portion of rent expense considered to be interest
     12,326       28,464       27,657       19,294       14,073       11,283  
Amortization of previously capitalized interest
     86,258       171,496       143,249       100,971       77,266       68,273  
Distribution of earnings of unconsolidated joint ventures, net of equity in income (loss)
     87,809       194,274       34,383       (2,242 )     (2,302 )     (271 )
Deduct:
                                                
Interest capitalized
     (112,641 )     (186,560 )     (221,074 )     (142,738 )     (121,241 )     (93,676 )
 
                                    
Income (loss) as adjusted
   $ (475,224 )   $ (1,051,068 )   $ 796,304     $ 1,342,614     $ 752,199     $ 595,223  
 
                                    
 
                                                
FIXED CHARGES
                                                
Interest incurred
   $ 123,029     $ 199,550     $ 237,801     $ 164,245     $ 140,602     $ 119,335  
Amortization of premiums and discounts related to debt
     2,942       2,478       2,441       1,550       1,617       1,769  
Portion of rent expense considered to be interest
     12,326       28,464       27,657       19,294       14,073       11,283  
 
                                    
 
   $ 138,297     $ 230,492     $ 267,899     $ 185,089     $ 156,292     $ 132,387  
 
                                    
 
                                                
Ratio of earnings to fixed charges
     (a )     (a )     2.97       7.25       4.81       4.50  
 
                                    
 
                                                
Coverage deficiency
   $ (613,521 )   $ (1,281,560 )   $ —     $ —     $ —     $ —  
 
                                    
The ratio of earnings to fixed charges are computed on a consolidated basis excluding the French discontinued operations.
 
 
(a)   Earnings for the nine months ended August 31, 2008 and year ended November 30, 2007 were insufficient to cover fixed charges for the period by $613.5 million and $1.28 billion, respectively.