Exhibit 12
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
($ amounts in thousands)
| Year Ended October 31, | Three Months Ended January 31, 2017 | ||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
| Earnings: | |||||||||||||||||||||||
| Income before income taxes | $ | 112,942 | $ | 267,697 | $ | 504,582 | $ | 535,562 | $ | 589,027 | $ | 109,781 | |||||||||||
| Adjustments to income before income taxes: | |||||||||||||||||||||||
| Income from unconsolidated entities | (23,592 | ) | (14,392 | ) | (41,141 | ) | (21,119 | ) | (40,748 | ) | (46,445 | ) | |||||||||||
| Distributed earnings from unconsolidated entities | 5,258 | 23,468 | 43,973 | 19,459 | 15,287 | 48,581 | |||||||||||||||||
| Interest expense | 90,521 | 115,238 | 142,851 | 147,477 | 162,609 | 29,855 | |||||||||||||||||
| Rent expense | 3,728 | 3,658 | 4,128 | 4,195 | 4,453 | 1,165 | |||||||||||||||||
| Amortization | 1,782 | 2,952 | 3,639 | 3,516 | 3,765 | 940 | |||||||||||||||||
| $ | 190,639 | $ | 398,621 | $ | 658,032 | $ | 689,090 | $ | 734,393 | $ | 143,877 | ||||||||||||
| Fixed charges: | |||||||||||||||||||||||
| Interest incurred | $ | 125,783 | $ | 134,198 | $ | 163,815 | $ | 155,170 | $ | 164,001 | $ | 41,774 | |||||||||||
| Rent expense | 3,728 | 3,658 | 4,128 | 4,195 | 4,453 | 1,165 | |||||||||||||||||
| Amortization | 1,782 | 2,952 | 3,639 | 3,516 | 3,765 | 940 | |||||||||||||||||
| $ | 131,293 | $ | 140,808 | $ | 171,582 | $ | 162,881 | $ | 172,219 | $ | 43,879 | ||||||||||||
| Ratio of earnings to fixed charges | 1.45 | 2.83 | 3.84 | 4.23 | 4.26 | 3.28 | |||||||||||||||||