| Six Months Ended May 31, | Years Ended November 30, | |||||||||||||||||||||||||||
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||||||
| Income (loss) from operations before income taxes | $ | 73,441 | $ | 40,824 | $ | 149,315 | $ | 127,043 | $ | 94,949 | $ | 38,363 | $ | (79,053 | ) | |||||||||||||
| Add: | ||||||||||||||||||||||||||||
| Interest incurred | 93,423 | 92,509 | 185,466 | 186,885 | 171,541 | 149,101 | 132,657 | |||||||||||||||||||||
| Amortization of premiums and discounts related to debt | 3,314 | 3,770 | 7,576 | 7,738 | 7,124 | 5,347 | 3,016 | |||||||||||||||||||||
| Portion of rent expense considered to be interest | 2,600 | 2,426 | 5,097 | 4,524 | 3,917 | 3,204 | 3,096 | |||||||||||||||||||||
| Amortization of previously capitalized interest | 89,855 | 66,239 | 161,285 | 143,255 | 90,804 | 87,414 | 78,630 | |||||||||||||||||||||
| Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss) | 894 | 2,212 | 9,908 | 11,512 | (1,063 | ) | 2,882 | 1,519 | ||||||||||||||||||||
| Deduct: | ||||||||||||||||||||||||||||
| Interest capitalized | (87,116 | ) | (86,842 | ) | (179,566 | ) | (165,029 | ) | (140,791 | ) | (86,411 | ) | (62,853 | ) | ||||||||||||||
| Income as adjusted | $ | 176,411 | $ | 121,138 | $ | 339,081 | $ | 315,928 | $ | 226,481 | $ | 199,900 | $ | 77,012 | ||||||||||||||
| FIXED CHARGES | ||||||||||||||||||||||||||||
| Interest incurred | $ | 93,423 | $ | 92,509 | $ | 185,466 | $ | 186,885 | $ | 171,541 | $ | 149,101 | $ | 132,657 | ||||||||||||||
| Amortization of premiums and discounts related to debt | 3,314 | 3,770 | 7,576 | 7,738 | 7,124 | 5,347 | 3,016 | |||||||||||||||||||||
| Portion of rent expense considered to be interest | 2,600 | 2,426 | 5,097 | 4,524 | 3,917 | 3,204 | 3,096 | |||||||||||||||||||||
| $ | 99,337 | $ | 98,705 | $ | 198,139 | $ | 199,147 | $ | 182,582 | $ | 157,652 | $ | 138,769 | |||||||||||||||
| Ratio of earnings to fixed charges | 1.78 x | 1.23 x | 1.71 x | 1.59 x | 1.24 x | 1.27 x | — | |||||||||||||||||||||
| Coverage deficiency (a) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (61,757 | ) | |||||||||||||
| (a) | Earnings for the year ended November 30, 2012 were insufficient to cover fixed charges by $61.8 million. |
