Exhibit 12
| Twelve Months Ended October 31, | Nine Months Ended July 31, 2015 | ||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
| Earnings (loss): | |||||||||||||||||||||||
| Income (loss) before income taxes | $ | (117,187 | ) | $ | (29,366 | ) | $ | 112,942 | $ | 267,697 | $ | 504,582 | $ | 318,019 | |||||||||
| Interest expense | 106,997 | 80,282 | 90,521 | 115,238 | 142,851 | 98,069 | |||||||||||||||||
| Rent expense | 5,528 | 4,135 | 3,728 | 3,658 | 4,128 | 3,099 | |||||||||||||||||
| Amortization | 1,374 | 1,347 | 1,782 | 2,952 | 3,639 | 2,655 | |||||||||||||||||
| $ | (3,288 | ) | $ | 56,398 | $ | 208,973 | $ | 389,545 | $ | 655,200 | $ | 421,842 | |||||||||||
| Fixed charges: | |||||||||||||||||||||||
| Homebuilding | |||||||||||||||||||||||
| Interest incurred | $ | 114,975 | $ | 114,761 | $ | 125,783 | $ | 134,198 | $ | 163,815 | $ | 117,896 | |||||||||||
| Rent expense | 5,528 | 4,135 | 3,728 | 3,658 | 4,128 | 3,099 | |||||||||||||||||
| Amortization | 1,374 | 1,347 | 1,782 | 2,952 | 3,639 | 2,655 | |||||||||||||||||
| $ | 121,877 | $ | 120,243 | $ | 131,293 | $ | 140,808 | $ | 171,582 | $ | 123,650 | ||||||||||||
| Ratio | (a) | (a) | 1.59 | 2.77 | 3.82 | 3.41 | |||||||||||||||||
| (a) | For the twelve-month periods ended October 31, 2011 and 2010, our earnings were not sufficient to cover fixed charges by approximately $63.8 million and $125.2 million, respectively. |