Toll Brothers (TOL) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

												Three months
												Ended
	Year ended October 31,											January 31,
	2004		2005		2006		2007		2008			2009
(Loss) earnings:
(Loss) income before income taxes	$	647,432	$	806,110	$	1,126,616	$	70,680	$	(466,787	)	$	(156,561	)
Interest expense		94,324		126,221		122,473		102,652		89,300			16,148
Rent expense		2,417		3,923		4,377		4,252		4,070			763
Amortization		1,085		1,079		1,096		1,102		1,380			282
	$	745,258	$	937,333	$	1,254,562	$	178,686	$	(372,037	)	$	(139,368	)
Fixed charges:
Homebuilding
Interest incurred	$	113,452	$	115,439	$	141,266	$	136,758	$	116,340		$	28,285
Rent expense		2,417		3,923		4,377		4,252		4,070			763
Amortization		1,085		1,079		1,096		1,102		1,380			282
	$	116,954	$	120,441	$	146,739	$	142,112	$	121,790		$	29,330
Ratio		6.37		7.78		8.55		1.26		(1	)		(1	)

(1) For the twelve-month period ended October 31, 2008 and the three-month period ended January 31, 2009 our earnings were not sufficient to cover fixed charges by approximately $493.8 million and $168.7 million, respectively.