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Exhibit 12.1
HOVNANIAN ENTERPRISES, INC.
Statement setting forth computation showing the ratio of earnings
to fixed charges, including wholly owned
mortgage banking and finance subsidiaries
(Dollars in Thousands)
| Six Months Ended April 2005 Actual | Year Ended October 2004 Actual | Year Ended October 2003 Actual | Year Ended October 2002 Actual | Year Ended October 2001 Actual | Year Ended October 2000 Actual | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income | $ | 187,618 | $ | 348,681 | $ | 257,380 | $ | 137,696 | $ | 63,686 | $ | 33,163 | |||||||
Add: | |||||||||||||||||||
Federal and State Income Taxes | 118,815 | 201,091 | 154,138 | 88,034 | 42,668 | 18,655 | |||||||||||||
Interest Expensed Res & Comm | 36,925 | 75,042 | 63,658 | 60,371 | 51,446 | 34,956 | |||||||||||||
Interest Expensed Mortgage & Finance Subsidiaries | 2,412 | 2,765 | 2,487 | 2,337 | 3,180 | 2,491 | |||||||||||||
Amortization of Bond Prepaid Expenses | 709 | 10,999 | 2,978 | 2,119 | 976 | 670 | |||||||||||||
Amortization of Bond Discount | 309 | 571 | 514 | 441 | 367 | 30 | |||||||||||||
Total Earnings | $ | 346,788 | $ | 639,149 | $ | 481,155 | $ | 290,998 | $ | 162,323 | $ | 89,965 | |||||||
Fixed Charges: | |||||||||||||||||||
Interest Incurred Res & Comm | $ | 43,948 | $ | 87,674 | $ | 66,332 | $ | 57,406 | $ | 47,272 | $ | 38,878 | |||||||
Interest Incurred Mortgage & Finance Subsidiaries | 2,412 | 2,765 | 2,487 | 2,337 | 3,180 | 2,491 | |||||||||||||
Amortization of Bond Prepaid Expenses | 709 | 10,999 | 2,978 | 2,119 | 976 | 670 | |||||||||||||
Amortization of Bond Discount | 309 | 571 | 514 | 441 | 367 | 30 | |||||||||||||
Total Fixed Charges | $ | 47,378 | $ | 102,009 | $ | 72,311 | $ | 62,303 | $ | 51,795 | $ | 42,069 | |||||||
Ratio | 7.3 | 6.3 | 6.7 | 4.7 | 3.1 | 2.1 |
HOVNANIAN ENTERPRISES, INC. Statement setting forth computation showing the ratio of earnings to fixed charges, including wholly owned mortgage banking and finance subsidiaries (Dollars in Thousands)