Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, | Twelve Months Ended June 30, 2002 | Year Ended December 31, | ||||||||||||||||||||||||||||||
2002 | 2001 | 2001 | 2000 | 1999 | 1998 | 1997 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
| Income (loss) before provision for income taxes and extraordinary item | $ | 13,648 | $ | 17,548 | $ | 49,625 | $ | 53,525 | $ | 51,129 | $ | 43,497 | $ | 8,305 | $ | (89,894 | ) | |||||||||||||||
| Interest incurred | 11,225 | 11,191 | 21,942 | 21,908 | 26,012 | 24,500 | 31,475 | 32,970 | ||||||||||||||||||||||||
| Less interest capitalized | (11,225 | ) | (10,964 | ) | (21,942 | ) | (21,681 | ) | (20,455 | ) | (18,347 | ) | (22,261 | ) | (25,158 | ) | ||||||||||||||||
| Amortization of capitalized interest included in cost of sales | 9,849 | 7,983 | 22,403 | 20,537 | 21,373 | 23,771 | 27,899 | 23,760 | ||||||||||||||||||||||||
| Cash distributions of income from unconsolidated joint ventures | 12,128 | 10,666 | 19,866 | 18,404 | 24,865 | 7,604 | — | — | ||||||||||||||||||||||||
| Less equity in income of unconsolidated joint ventures | (5,508 | ) | (7,298 | ) | (20,594 | ) | (22,384 | ) | (24,416 | ) | (17,859 | ) | (3,499 | ) | — | |||||||||||||||||
| Earnings | $ | 30,117 | $ | 29,126 | $ | 71,300 | $ | 70,309 | $ | 78,508 | $ | 63,166 | $ | 41,919 | $ | (58,322 | ) | |||||||||||||||
| Interest incurred | ||||||||||||||||||||||||||||||||
| Interest expensed | $ | — | $ | 227 | $ | — | $ | 227 | $ | 5,557 | $ | 6,153 | $ | 9,214 | $ | 7,812 | ||||||||||||||||
| Interest capitalized | 11,225 | 10,964 | 21,942 | 21,681 | 20,455 | 18,347 | 22,261 | 25,158 | ||||||||||||||||||||||||
| Fixed Charges | $ | 11,225 | $ | 11,191 | $ | 21,942 | $ | 21,908 | $ | 26,012 | $ | 24,500 | $ | 31,475 | $ | 32,970 | ||||||||||||||||
| Ratio of Earnings to Fixed Charges | 2.68x | 2.60x | 3.25x | 3.21x | 3.02x | 2.58x | 1.33x | N/A | ||||||||||||||||||||||||
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