EX-12.1 2 a6302017exhibit121.htm RATIO COMPUTATION Exhibit


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Nine Months Ended 
 June 30, 2017
 
For the Fiscal Year Ended September 30,
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
($ in millions)
Consolidated income before income taxes
 
$
1,116.5

 
$
1,353.5

 
$
1,123.4

 
$
814.2

 
$
657.8

 
$
242.9

Amortization of capitalized interest
 
110.7

 
169.1

 
159.7

 
124.4

 
110.9

 
94.1

Interest expensed
 
5.1

 
6.2

 
5.6

 
4.8

 
11.7

 
31.5

Earnings
 
$
1,232.3

 
$
1,528.8

 
$
1,288.7

 
$
943.4

 
$
780.4

 
$
368.5

Interest incurred
 
$
104.5

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

 
$
128.7

Fixed charges
 
$
104.5

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

 
$
128.7

Ratio of earnings to fixed charges
 
11.79

 
9.65

 
7.37

 
4.95

 
4.40

 
2.86