Exhibit 12
Statement of Computation of Ratio of Earnings to Fixed Charges
($ amounts in thousands)
| Year Ended October 31, | |||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||
| Earnings: | |||||||||||||||||||
| Income before income taxes | $ | 267,697 | $ | 504,582 | $ | 535,562 | $ | 589,027 | $ | 814,311 | |||||||||
| Adjustments to income before income taxes: | |||||||||||||||||||
| Income from unconsolidated entities | (14,392 | ) | (41,141 | ) | (21,119 | ) | (40,748 | ) | (116,066 | ) | |||||||||
| Distributed earnings from unconsolidated entities | 23,468 | 43,973 | 19,459 | 15,287 | 134,291 | ||||||||||||||
| Interest expense | 115,238 | 142,851 | 147,477 | 162,609 | 183,045 | ||||||||||||||
| Rent expense | 3,658 | 4,128 | 4,195 | 4,453 | 4,835 | ||||||||||||||
| Amortization | 2,952 | 3,639 | 3,516 | 3,765 | 3,990 | ||||||||||||||
| $ | 398,621 | $ | 658,032 | $ | 689,090 | $ | 734,393 | $ | 1,024,406 | ||||||||||
| Fixed charges: | |||||||||||||||||||
| Interest incurred | $ | 134,198 | $ | 163,815 | $ | 155,170 | $ | 164,001 | $ | 175,944 | |||||||||
| Rent expense | 3,658 | 4,128 | 4,195 | 4,453 | 4,835 | ||||||||||||||
| Amortization | 2,952 | 3,639 | 3,516 | 3,765 | 3,990 | ||||||||||||||
| $ | 140,808 | $ | 171,582 | $ | 162,881 | $ | 172,219 | $ | 184,769 | ||||||||||
| Ratio of earnings to fixed charges | 2.83 | 3.84 | 4.23 | 4.26 | 5.54 | ||||||||||||||