Toll MA Land Limited Partnership POSASR Automatic shelf registration (post-effective amendment)

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