Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars In Thousands) | Actual Year 10/08 | Actual Year 10/07 | Actual Year 10/06 | Actual Year 10/05 | Actual Year 10/04 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net (loss) income | $ | (1,124,590 | ) | $ | (627,119 | ) | $ | 149,533 | $ | 471,847 | $ | 348,681 | |||||
Add: | |||||||||||||||||
Federal and state income tax (benefit) provision | (43,458 | ) | (19,847 | ) | 83,573 | 308,738 | 201,091 | ||||||||||
Interest expensed | 176,336 | 141,754 | 111,944 | 89,721 | 75,042 | ||||||||||||
Interest expensed mortgage and financing subsidiaries | 3,601 | 6,009 | 7,767 | 5,801 | 2,765 | ||||||||||||
Distributions of earnings of unconsolidated joint ventures, net of income/(loss) from unconsolidated joint ventures | 44,061 | 32,221 | (347 | ) | (6,171 | ) | (334 | ) | |||||||||
Amortization of bond prepaid expenses | 3,863 | 2,151 | 2,089 | 2,012 | 10,999 | ||||||||||||
Amortization of bond discounts | 821 | 1,084 | 1,039 | 715 | 571 | ||||||||||||
Total (loss) earnings | $ | (939,366 | ) | $ | (463,747 | ) | $ | 355,598 | $ | 872,663 | $ | 638,815 | |||||
Fixed Charges: | |||||||||||||||||
Interest incurred | $ | 190,801 | $ | 194,547 | $ | 166,427 | $ | 102,930 | $ | 87,674 | |||||||
Interest incurred mortgage and financing subsidiaries | 3,601 | 6,009 | 7,767 | 5,801 | 2,765 | ||||||||||||
Amortization of bond prepaid expenses | 3,863 | 2,151 | 2,089 | 2,012 | 10,999 | ||||||||||||
Amortization of bond discounts | 821 | 1,084 | 1,039 | 715 | 571 | ||||||||||||
Total fixed charges | $ | 199,086 | $ | 203,791 | $ | 177,322 | $ | 111,458 | $ | 102,009 | |||||||
Ratio of earnings to fixed charges | (a | ) | (a | ) | 2.0 | 7.8 | 6.3 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars In Thousands) | Actual Year 10/08 | Actual Year 10/07 | Actual Year 10/06 | Actual Year 10/05 | Actual Year 10/04 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total (loss) earnings—above | $ | (939,366 | ) | $ | (463,747 | ) | $ | 355,598 | $ | 872,663 | $ | 638,815 | ||||
Total fixed charges—above | $ | 199,086 | $ | 203,791 | $ | 177,322 | $ | 111,458 | $ | 102,009 | ||||||
Preferred stock dividends (adjusted to pre-tax dollars) | 11,012 | 16,641 | 4,563 | |||||||||||||
Combined fixed charges and preferred stock dividends | $ | 199,086 | $ | 214,803 | $ | 193,963 | $ | 116,021 | $ | 102,009 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | (b | ) | (b | ) | 1.8 | 7.5 | 6.3 | |||||||||
- (a)
- Earnings for the year ended October 31, 2008 and 2007 were insufficient to cover fixed charges for such period by $1,138.5 million and $667.5 million, respectively.
- (b)
- Earnings for the year ended October 31, 2008 and 2007 were insufficient to cover fixed charges and preferred stock dividends for such period by $1,138.5 million and $678.6 million, respectively.