Exhibit 12.1
M/I Homes, Inc. and Subsidiaries
Statement of Computation of Ratios
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income | $ | 72,564 | $ | 85,042 | $ | 109,200 | $ | 135,099 | $ | 151,297 | $ | 32,292 | $ | 27,453 | ||||||||||||||
Fixed charges | 22,649 | 21,145 | 16,278 | 15,360 | 18,188 | 3,971 | 4,408 | |||||||||||||||||||||
Interest amortized to cost of sales | 4,156 | 4,179 | 5,568 | 4,806 | 5,222 | 966 | 1,832 | |||||||||||||||||||||
Less: Interest capitalized | (5,607 | ) | (7,425 | ) | (4,856 | ) | (7,425 | ) | (6,416 | ) | (1,399 | ) | (1,587 | ) | ||||||||||||||
Earnings | $ | 93,762 | $ | 102,941 | $ | 126,190 | $ | 147,840 | $ | 168,291 | $ | 35,830 | 32,106 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
One-third rent expense | $ | 2,844 | $ | 3,127 | $ | 3,180 | $ | 3,104 | $ | 3,430 | 749 | 958 | ||||||||||||||||
Interest incurred | 19,805 | 18,018 | 13,098 | 12,256 | 14,758 | 3,222 | 3,450 | |||||||||||||||||||||
Total fixed charges | $ | 22,649 | $ | 21,145 | $ | 16,278 | $ | 15,360 | $ | 18,188 | $ | 3,971 | 4,408 | |||||||||||||||
Ratio of earnings to fixed charges | 4.1 | 4.9 | 7.8 | 9.6 | 9.3 | 9.0 | 7.3 | |||||||||||||||||||||