Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
|
| Nine Months |
| Actual Year |
| Actual Year |
| Actual Year |
| Actual Year |
| Actual Year |
| ||||||
(Dollars In Thousands) |
| 07/31/08 |
| 10/07 |
| 10/06 |
| 10/05 |
| 10/04 |
| 10/03 |
| ||||||
Net (loss) income |
| $ | (674,131 | ) | $ | (627,119 | ) | $ | 149,533 |
| $ | 471,847 |
| $ | 348,681 |
| $ | 257,380 |
|
Add: |
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|
|
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Federal and state income tax (benefit) provision |
| (37,454 | ) | (19,847 | ) | 83,573 |
| 308,738 |
| 201,091 |
| 154,138 |
| ||||||
Interest expensed |
| 110,290 |
| 141,754 |
| 111,944 |
| 89,721 |
| 75,042 |
| 63,658 |
| ||||||
Interest expensed mortgage and financing subsidiaries |
| 2,893 |
| 6,009 |
| 7,767 |
| 5,801 |
| 2,765 |
| 2,487 |
| ||||||
Distribution of earnings of unconsolidated joint ventures, net of income/(loss) from unconsolidated joint ventures |
| 14,187 |
| 32,221 |
| (347 | ) | (6,171 | ) | (334 | ) | — |
| ||||||
Amortization of bond prepaid expenses |
| 2,220 |
| 2,151 |
| 2,089 |
| 2,012 |
| 10,999 |
| 2,978 |
| ||||||
Amortization of bond discounts |
| 490 |
| 1,084 |
| 1,039 |
| 715 |
| 571 |
| 514 |
| ||||||
Total (loss) earnings |
| $ | (581,505 | ) | $ | (463,747 | ) | $ | 355,598 |
| $ | 872,663 |
| $ | 638,815 |
| $ | 481,155 |
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Fixed Charges: |
|
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| ||||||
Interest incurred |
| $ | 137,390 |
| $ | 194,547 |
| $ | 166,427 |
| $ | 102,930 |
| $ | 87,674 |
| $ | 66,332 |
|
Interest incurred mortgage and financing subsidiaries |
| 2,893 |
| 6,009 |
| 7,767 |
| 5,801 |
| 2,765 |
| 2,487 |
| ||||||
Amortization of bond prepaid expenses |
| 2,220 |
| 2,151 |
| 2,089 |
| 2,012 |
| 10,999 |
| 2,978 |
| ||||||
Amortization of bond discounts |
| 490 |
| 1,084 |
| 1,039 |
| 715 |
| 571 |
| 514 |
| ||||||
Total fixed charges |
| $ | 142,993 |
| $ | 203,791 |
| $ | 177,322 |
| $ | 111,458 |
| $ | 102,009 |
| $ | 72,311 |
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Ratio of earnings to fixed charges |
| (a) |
| (a) |
| 2.0 |
| 7.8 |
| 6.3 |
| 6.7 |
|
(a) Earnings for the nine months ended July 31, 2008 and for the year ended October 31, 2007 were insufficient to cover fixed charges for such periods by $724.5 million and $667.5 million, respectively.