Exhibit 12.1
Forestar Group Inc.
Computation of Ratio of Earnings to Fixed Charges
$ in thousands
Nine Months Ended 30-Sep-11 | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | 12,933 | 16,446 | 20,459 | 21,283 | 9,229 | 6,229 | ||||||||||||||||||
Capitalized Interest | 399 | 75 | 1,021 | 3,628 | 3,351 | 543 | ||||||||||||||||||
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Total Fixed Charges | 13,332 | 16,521 | 21,480 | 24,911 | 12,580 | 6,772 | ||||||||||||||||||
Income Before Taxes | 46,103 | 7,595 | 94,740 | 17,209 | 38,704 | 81,814 | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Total Fixed Charges | 13,332 | 16,521 | 21,480 | 24,911 | 12,580 | 6,772 | ||||||||||||||||||
Distribution of earnings of unconsolidated ventures | 5,307 | 1,609 | 259 | 1,053 | 2,863 | 1,519 | ||||||||||||||||||
Minus: | ||||||||||||||||||||||||
Equity in (earnings) loss of unconsolidated ventures | (1,632 | ) | (4,701 | ) | 7,771 | (4,642 | ) | (3,732 | ) | (19,371 | ) | |||||||||||||
Capitalized Interest | (399 | ) | (75 | ) | (1,021 | ) | (3,628 | ) | (3,351 | ) | (543 | ) | ||||||||||||
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Earnings | 62,711 | 20,949 | 123,229 | 34,903 | 47,064 | 70,191 | ||||||||||||||||||
Ratio of earnings to fixed charges | 4.7 | 1.3 | 5.7 | 1.4 | 3.7 | 10.4 |