Wci Communities Inactive 10-K2007 FY Annual report

Filed: 17 Mar 08, 12:00am

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New words: abandonment, accommodate, advisor, allegedly, alleging, analyze, andSignificant, arose, ATNW, attestation, attorney, back, Berry, breach, budgeted, Carl, carryback, CCC, Colony, comment, complaint, contemplated, content, Court, covenant, David, decide, decided, deny, deregister, discontinued, Eleven, enrichment, equitable, eventual, evidencing, expended, explanation, explore, factor, Florencia, foot, foreclosing, forward, Ft, gave, harm, Howard, Icahn, Incumbent, insignificant, instability, intervention, investee, John, jurisdiction, lawsuit, led, lending, likelihood, LP, mandatory, Maryland, matched, merit, methodology, Middle, nominate, nominated, Nominating, Nominee, noncontrolling, nonconvertible, occupancy, onthe, Plaintiff, plant, proceed, prohibit, prohibited, prohibiting, purport, purported, rapid, recessionary, recharacterized, redeliberation, regular, rescind, restructure, restructuring, retail, reverted, River, RSI, Schrenkel, simultaneously, situation, slate, slower, smaller, solvency, source, Southern, stabilize, strain, technical, tightening, trailing, unattainable, uncompleted, underTower, unjust, unoccupied, Unrestricted, viability, violated, waive, waived, weakened, wrote

Removed: America, approximating, averaged, behavior, Bulletin, butler, buying, carrier, Charley, cleanup, commitment, considerable, Coral, damaged, declined, earned, Escambia, flood, frequently, incidental, incremental, involving, Jeanne, modified, negotiating, nonrefundable, obligated, opening, originated, political, prematurely, processing, realization, refinancing, reflecting, reissued, reviewing, routine, SAB, slightly, storm, surrendered, tied, underestimate, undergoing, warehouse, wind

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Exhibit 12.1

Ratio of Earnings to Fixed Charges

(In thousands)


	For the years ended December 31,
	2007			2006			2005			2004			2003
Earnings:
Pre-tax income from operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(684,578	)	$	4,597		$	307,539		$	196,670		$	166,343
Fixed charges		164,596			141,692			118,218			91,437			79,771
Plus: amortization of capitalized interest		36,218			74,030			73,070			29,447			28,040
Plus: distributed income from equity investees		904			3			300			1,165			3,346
Less: capitalized interest		(63,243	)		(96,720	)		(74,831	)		(41,466	)		(38,816	)

Earnings available for fixed charges	$	(546,103	)	$	123,602		$	424,296		$	277,253		$	238,684

Fixed charges:
Interest incurred, both expensed and capitalized	$	149,346		$	129,135		$	107,244		$	81,790		$	71,055
Debt issue cost amortization in the period		4,879			3,356			3,788			3,461			3,050
Rental expense representative of interest factor		10,371			9,201			7,186			6,186			5,666

Fixed charges	$	164,596		$	141,692		$	118,218		$	91,437		$	79,771

Ratio of earnings to fixed charges		(a	)		(a	)		3.59			3.03			2.99

(a)	Earnings for the years ended December 31, 2007 and 2006 were insufficient to cover fixed charges by $710,699 and $18,090, respectively.

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