Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended | ||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Income before provision for income taxes and extraordinary item | $ | 67,781 |
| $ | 53,525 |
| $ | 51,129 |
| $ | 43,497 |
| $ | 8,305 |
| $ | (89,894 | ) | ||||||
Interest incurred |
| 26,783 |
|
| 21,908 |
|
| 26,012 |
|
| 24,500 |
|
| 31,475 |
|
| 32,970 |
| ||||||
Less interest capitalized |
| (26,783 | ) |
| (21,681 | ) |
| (20,455 | ) |
| (18,347 | ) |
| (22,261 | ) |
| (25,158 | ) | ||||||
Amortization of capitalized interest included in cost of sales |
| 28,109 |
|
| 20,537 |
|
| 21,373 |
|
| 23,771 |
|
| 27,899 |
|
| 23,760 |
| ||||||
Cash distributions of income from unconsolidated joint ventures |
| 24,621 |
|
| 18,404 |
|
| 24,865 |
|
| 7,604 |
|
| — |
|
| — |
| ||||||
Less equity in income of unconsolidated joint ventures |
| (27,748 | ) |
| (22,384 | ) |
| (24,416 | ) |
| (17,859 | ) |
| (3,499 | ) |
| — |
| ||||||
Earnings | $ | 92,763 |
| $ | 70,309 |
| $ | 78,508 |
| $ | 63,166 |
| $ | 41,919 |
| $ | (58,322 | ) | ||||||
Interest incurred | ||||||||||||||||||||||||
Interest expensed | $ | — |
| $ | 227 |
| $ | 5,557 |
| $ | 6,153 |
| $ | 9,214 |
| $ | 7,812 |
| ||||||
Interest capitalized |
| 26,783 |
|
| 21,681 |
|
| 20,455 |
|
| 18,347 |
|
| 22,261 |
|
| 25,158 |
| ||||||
Fixed Charges | $ | 26,783 |
| $ | 21,908 |
| $ | 26,012 |
| $ | 24,500 |
| $ | 31,475 |
| $ | 32,970 |
| ||||||
Ratio of Earnings to Fixed Charges |
| 3.46x |
|
| 3.21x |
|
| 3.02x |
|
| 2.58x |
|
| 1.33x |
|
| N/A |
| ||||||