Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Three Months | ||||||||||||||||||||||||
Ended | Actual Year | Actual Year | Actual Year | Actual Year | Actual year | |||||||||||||||||||
(Dollars In Thousands) | 01/31/09 | 10/08 | 10/07 | 10/06 | 10/05 | 10/04 | ||||||||||||||||||
Net (loss) income | $ | (178,410 | ) | $ | (1,124,590 | ) | $ | (627,119 | ) | $ | 149,533 | $ | 471,847 | $ | 348,681 | |||||||||
Add: | ||||||||||||||||||||||||
Federal and state income tax (benefit) provisions | 584 | (43,458 | ) | (19,847 | ) | 83,573 | 308,738 | 201,091 | ||||||||||||||||
Interest expensed | 47,359 | 176,336 | 141,754 | 111,944 | 89,721 | 75,042 | ||||||||||||||||||
Interest expensed mortgage and financing subsidiaries | 456 | 3,601 | 6,009 | 7,767 | 5,801 | 2,765 | ||||||||||||||||||
Distribution of earnings of unconsolidated joint ventures, net of income (loss) from unconsolidated joint ventures | 23,738 | 44,061 | 32,221 | (347 | ) | (6,171 | ) | (334 | ) | |||||||||||||||
Amortization of bond prepaid expenses | 1,660 | 3,863 | 2,151 | 2,089 | 2,012 | 10,999 | ||||||||||||||||||
Amortization of bond discounts | 116 | 821 | 1,084 | 1,039 | 715 | 571 | ||||||||||||||||||
Total (loss) earnings | $ | (104,497 | ) | $ | (939,366 | ) | $ | (463,747 | ) | $ | 355,598 | $ | 872,663 | $ | 638,815 | |||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest incurred | $ | 53,510 | $ | 190,801 | $ | 194,547 | 166,427 | 102,930 | 87,674 | |||||||||||||||
Interest incurred mortgage and financing subsidiaries | 456 | 3,601 | 6,009 | 7,767 | 5,801 | 2,765 | ||||||||||||||||||
Amortization of bond prepaid expenses | 1,660 | 3,863 | 2,151 | 2,089 | 2,012 | 10,999 | ||||||||||||||||||
Amortization of bond discounts | 116 | 821 | 1,084 | 1,039 | 715 | 571 | ||||||||||||||||||
Total fixed charges | $ | 55,742 | $ | 199,086 | $ | 203,791 | $ | 177,322 | $ | 111,458 | $ | 102,009 | ||||||||||||
Ratio of earnings of fixed charges | (a | ) | (a | ) | (a | ) | 2.0 | 7.8 | 6.3 |
(a) | Earnings for the three months ended January 31, 2009 and for the year ended October 31, 2008 and 2007 were insufficient to cover fixed charges for such periods by $160.2 million, $1,138.5 million and $667.5 million, respectively. |