EX-12 2 tols3posasr3ex12.htm EXHIBIT 12 Exhibit


Exhibit 12

Statement Regarding Computation of Ratio of Earnings to Fixed Charges
($ amounts in thousands)
 
Year Ended October 31,
 
Six
Months
Ended
April 30, 2017
 
2012
 
2013
 
2014
 
2015
 
2016
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
112,942

 
$
267,697

 
$
504,582

 
$
535,562

 
$
589,027

 
$
308,990

Adjustments to income before income taxes:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities
(23,592
)
 
(14,392
)
 
(41,141
)
 
(21,119
)
 
(40,748
)
 
(92,349
)
Distributed earnings from unconsolidated entities
5,258

 
23,468

 
43,973

 
19,459

 
15,287

 
108,864

Interest expense
90,521

 
115,238

 
142,851

 
147,477

 
162,609

 
75,078

Rent expense
3,728

 
3,658

 
4,128

 
4,195

 
4,453

 
2,383

Amortization
1,782

 
2,952

 
3,639

 
3,516

 
3,765

 
1,934

 
$
190,639

 
$
398,621

 
$
658,032

 
$
689,090

 
$
734,393

 
$
404,900

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest incurred
$
125,783

 
$
134,198

 
$
163,815

 
$
155,170

 
$
164,001

 
$
85,310

Rent expense
3,728

 
3,658

 
4,128

 
4,195

 
4,453

 
2,383

Amortization
1,782

 
2,952

 
3,639

 
3,516

 
3,765

 
1,934

 
$
131,293

 
$
140,808

 
$
171,582

 
$
162,881

 
$
172,219

 
$
89,627

Ratio of earnings to fixed charges
1.45

 
2.83

 
3.84

 
4.23

 
4.26

 
4.52