EX-12.1 4 a92010exv12w1.htm EXHIBIT 12.1 exv12w1
 

EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)

                                                 
                                            Six Months
                                            Ended
    1998   1999   2000   2001   2002   6/30/2003
   
 
 
 
 
 
Consolidated pretax income (1)
   $ 69,615     $ 109,336     $ 134,840     $ 218,336     $ 309,340     $ 153,691  
Share of distributed income of 50%-or-less-owned affiliates net of equity pickup
     2,602       (263 )     (163 )     (26 )     (2,689 )     159  
Amortization of capitalized interest
     20,645       19,027       27,581       31,878       32,162       15,608  
Interest (1)
     68,954       52,764       62,610       62,571       49,086       25,114  
Less interest capitalized during the period
     (18,601 )     (24,397 )     (34,105 )     (31,675 )     (39,695 )     (20,909 )
Net amortization of debt discount and premium and issuance expense
     36       33       —       —       —       —  
Interest portion of rental expense
     4,709       4,522       6,065       7,190       6,679       3,020  
 
    
     
     
     
     
     
 
EARNINGS
   $ 147,960     $ 161,022     $ 196,828     $ 288,274     $ 354,883     $ 176,683  
Interest (1)
   $ 68,954     $ 52,764     $ 62,610     $ 62,571     $ 49,086     $ 25,114  
Net amortization of debt discount and premium and issuance expense
     36       33       —       —       —       —  
Interest portion of rental expense
     4,709       4,522       6,065       7,190       6,679       3,020  
 
    
     
     
     
     
     
 
FIXED CHARGES
   $ 73,699     $ 57,319     $ 68,675     $ 69,761     $ 55,765     $ 28,134  
Ratio of earnings to fixed charges
     2.01       2.81       2.87       4.13       6.36       6.28  
Ratio before reclassification of costs associated with the early extinguishment of debt (1)
     2.17       2.81       2.87       4.61       6.36       6.28  

(1)   The Company adopted the provisions of SFAS 145, with respect to the rescission of Statement 4, in the third quarter of 2002. As a result, $5.5 million and $7.2 million of costs associated with the early extinguishment of long-term debt, previously classified as extraordinary items in 1998 and 2001, respectively, are currently included in homebuilding interest expense. Accordingly, the effect of such reclassifications has been reflected in the computation of the 1998 and 2001 ratios.