Exhibit 12
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
October 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||
(Loss) earnings: | ||||||||||||||||||||
(Loss) income before income taxes | $ | 70,680 | $ | (466,787 | ) | $ | (496,465 | ) | $ | (117,187 | ) | $ | (29,366 | ) | ||||||
Interest expense | 102,652 | 89,300 | 96,727 | 106,997 | 80,282 | |||||||||||||||
Rent expense | 6,294 | 6,382 | 5,812 | 5,528 | 4,135 | |||||||||||||||
Amortization | 1,102 | 1,380 | 1,239 | 1,374 | 1,347 | |||||||||||||||
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$ | 180,728 | $ | (369,725 | ) | $ | (392,687 | ) | $ | (3,288 | ) | $ | 56,398 | ||||||||
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Fixed charges: | ||||||||||||||||||||
Homebuilding Interest incurred | $ | 136,758 | $ | 116,340 | $ | 118,026 | $ | 114,975 | $ | 114,761 | ||||||||||
Rent expense | 6,294 | 6,382 | 5,812 | 5,528 | 4,135 | |||||||||||||||
Amortization | 1,102 | 1,380 | 1,239 | 1,374 | 1,347 | |||||||||||||||
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$ | 144,154 | $ | 124,102 | $ | 125,077 | $ | 121,877 | $ | 120,243 | |||||||||||
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Ratio | 1.25 | (a | ) | (a | ) | (a | ) | (a | ) | |||||||||||
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(a) | For the twelve-month periods ended October 31, 2011, 2010, 2009 and 2008, our earnings were not sufficient to cover fixed charges by approximately $63.8 million, $125.2 million, $517.8 million and $493.8 million, respectively. |