EX-12 2 tols3posasr1ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
 
Twelve Months Ended October 31,
 
Nine
Months
Ended
July 31,
2015
 
2010
 
2011
 
2012
 
2013
 
2014
 
Earnings (loss):
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
(117,187
)
 
$
(29,366
)
 
$
112,942

 
$
267,697

 
$
504,582

 
$
318,019

Interest expense
106,997

 
80,282

 
90,521

 
115,238

 
142,851

 
98,069

Rent expense
5,528

 
4,135

 
3,728

 
3,658

 
4,128

 
3,099

Amortization
1,374

 
1,347

 
1,782

 
2,952

 
3,639

 
2,655

 
$
(3,288
)
 
$
56,398

 
$
208,973

 
$
389,545

 
$
655,200

 
$
421,842

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
 
 
Interest incurred
$
114,975

 
$
114,761

 
$
125,783

 
$
134,198

 
$
163,815

 
$
117,896

Rent expense
5,528

 
4,135

 
3,728

 
3,658

 
4,128

 
3,099

Amortization
1,374

 
1,347

 
1,782

 
2,952

 
3,639

 
2,655

 
$
121,877

 
$
120,243

 
$
131,293

 
$
140,808

 
$
171,582

 
$
123,650

Ratio
(a)

 
(a)

 
1.59

 
2.77

 
3.82

 
3.41

(a)
For the twelve-month periods ended October 31, 2011 and 2010, our earnings were not sufficient to cover fixed charges by approximately $63.8 million and $125.2 million, respectively.