Toll MA IV POSASR Automatic shelf registration (post-effective amendment)

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.