EX-12.1 4 0004.txt STATEMENT OF COMP. OF RATIOS OF EARNINGS Exhibit 12.1 ------------ D.R. HORTON, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years For the three months ended September 30, ended December 31, ----------------------------------------------------------- --------------------- 1996 1997 1998 1999 2000 1999 2000 ----------------------------------------------------------- --------------------- ($'s in thousands) Consolidated income before taxes ........ $ 89,814 $ 108,550 $ 159,099 $ 263,826 $ 309,224 $ 68,601 $ 76,361 Amortization of capitalized interest..... 25,670 29,323 47,995 58,153 69,566 13,868 18,172 Interest expensed ....................... 10,006 11,707 17,453 18,565 18,680 5,524 4,845 ---------- --------- ---------- ---------- ---------- ---------- --------- Earnings .................. $ 125,490 $ 149,580 $ 224,547 $ 340,544 $ 397,470 $ 87,993 $ 99,378 ========== ========= ========== ========== ========== ========== ========= Interest incurred ....................... $ 39,807 $ 51,978 $ 71,649 $ 83,090 $ 112,813 $ 24,330 $ 31,483 ---------- --------- ---------- ---------- ---------- ---------- --------- Fixed charges ............. $ 39,807 $ 51,978 $ 71,649 $ 83,090 $ 112,813 $ 24,330 $ 31,483 ========== ========= ========== ========== ========== ========== ========= Ratio of earnings to fixed charges ...... 3.15 2.88 3.13 4.10 3.52 3.62 3.16 ========== ========= ========== ========== ========== ========== =========