Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
TMHC | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Net income (loss) from continuing operations before income taxes and minority interest | 314,206 | 260,986 | 301,994 | 4,545 | 71,657 | |||||||||||||||
Income from equity method investees | (7,453 | ) | (1,759 | ) | (5,405 | ) | (2,895 | ) | (1,214 | ) | ||||||||||
(Income)/Loss from non-controlling interests - joint ventures | (1,294 | ) | (1,681 | ) | (1,648 | ) | 131 | (28 | ) | |||||||||||
(Income) loss from continuing operations attributable to non-controlling interests - Principal Equityholders | (152,653 | ) | (123,909 | ) | (163,790 | ) | 1,442 | — | ||||||||||||
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Total earnings | 152,806 | 133,637 | 131,151 | 3,223 | 70,415 | |||||||||||||||
Add/(deduct): | ||||||||||||||||||||
+ Fixed Charges | 91,979 | 97,226 | 93,076 | 65,185 | 48,677 | |||||||||||||||
+ Amortization of Capitalized Interest | 90,851 | 83,163 | 65,165 | 34,894 | 20,413 | |||||||||||||||
+ Distributed Income of Equity Method Investees | 4,261 | 2,204 | 3,746 | 1,800 | 3,217 | |||||||||||||||
- Interest Capitalized | (88,345 | ) | (93,431 | ) | (88,782 | ) | (60,769 | ) | (46,340 | ) | ||||||||||
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Earnings available for fixed charges | 251,552 | 222,799 | 204,356 | 44,333 | 96,382 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest and other financial charges expensed and capitalized | 88,345 | 93,431 | 88,782 | 61,582 | 46,340 | |||||||||||||||
Bond issue costs amortized | 2,301 | 2,705 | 3,340 | 2,792 | 1,752 | |||||||||||||||
Interest factor attributed to rentals | 1,333 | 1,090 | 955 | 811 | 585 | |||||||||||||||
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Fixed Charges | 91,979 | 97,226 | 93,076 | 65,185 | 48,677 | |||||||||||||||
Ratio of Earnings to Fixed Charges(1) | 2.7 | x | 2.3 | x | 2.2 | x | $ | (20,852 | ) | 2.0 | x |
(1) | For periods in which earnings before fixed charges were insufficient to cover fixed charges, the dollar amount of coverage deficiency, instead of the ratio, is disclosed. |