Exhibit 12.1
Meritage Homes Corporation
Calculation of Ratio of Earnings to Total Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Earnings/(Loss) before income taxes | $ | 208,417 | $ | 177,672 | $ | 28,854 | $ | (20,376 | ) | $ | 2,484 | |||||||||
| Loss/(Earnings) from equity method investees | (10,422 | ) | (12,805 | ) | (10,233 | ) | (5,849 | ) | (5,243 | ) | ||||||||||
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| 197,995 | 164,867 | 18,621 | (26,225 | ) | (2,759 | ) | ||||||||||||||
| Add/(deduct): | ||||||||||||||||||||
| + Fixed Charges | 60,541 | 53,285 | 47,968 | 45,441 | 45,936 | |||||||||||||||
| + Amortization of Capitalized Interest | 32,143 | 24,668 | 15,101 | 9,863 | 12,228 | |||||||||||||||
| + Distributed income of equity method investees | 11,613 | 13,013 | 9,648 | 6,497 | 7,263 | |||||||||||||||
| - Interest capitalized | (53,211 | ) | (36,060 | ) | (21,891 | ) | (12,994 | ) | (9,720 | ) | ||||||||||
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Earnings available for fixed charges | $ | 249,081 | $ | 219,773 | $ | 69,447 | $ | 22,582 | $ | 52,948 | ||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest and other financial charges expensed and capitalized | 58,374 | 51,152 | 46,135 | 43,393 | 43,442 | |||||||||||||||
| Interest factor attributed to rentals(a) | 2,167 | 2,133 | 1,833 | 2,048 | 2,494 | |||||||||||||||
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Total Fixed Charges | $ | 60,541 | $ | 53,285 | $ | 47,968 | $ | 45,441 | $ | 45,936 | ||||||||||
Ratio of earnings to fixed charges | 4.1 | 4.1 | 1.4 | 0.5 | 1.2 | |||||||||||||||
| (a) | The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by the Company to be representative of the interest factor inherent in rent. |