EX-12.1 2 a3312018exhibit121.htm RATIO COMPUTATION Exhibit


Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Six Months Ended 
 March 31, 2018
 
For the Fiscal Year Ended September 30,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
($ in millions)
Consolidated income before income taxes
 
$
836.1

 
$
1,602.1

 
$
1,353.5

 
$
1,123.4

 
$
814.2

 
$
657.8

Distributions in excess of earnings of equity method investees
 
12.7

 
—

 
—

 
—

 
—

 
—

Amortization of capitalized interest
 
60.6

 
152.6

 
169.1

 
159.7

 
124.4

 
110.9

Interest expensed
 
3.1

 
6.6

 
6.2

 
5.6

 
4.8

 
11.7

Earnings
 
$
912.5

 
$
1,761.3

 
$
1,528.8

 
$
1,288.7

 
$
943.4

 
$
780.4

Interest incurred
 
$
66.0

 
$
135.9

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

Fixed charges
 
$
66.0

 
$
135.9

 
$
158.5

 
$
174.8

 
$
190.6

 
$
177.3

Ratio of earnings to fixed charges
 
13.83

 
12.96

 
9.65

 
7.37

 
4.95

 
4.40