Toll Brothers (TOL) 10-K 2006 FY Annual report

Exhibit 12

Computation of Ratios of Earnings to Fixed Charges

	2002		2003		2004		2005		2006
Earnings:
Income before income taxes	$	347,318	$	411,153	$	647,432	$	806,110	$	1,126,616
Interest expense		65,344		74,086		94,324		126,221		122,473
Rent expense		1,799		1,972		2,417		3,923		4,377
Amortization		1,037		2,689		1,085		1,079		1,096
	$	415,498	$	489,900	$	745,258	$	937,333	$	1,254,562
Fixed charges:
Homebuilding
Interest incurred	$	90,331	$	104,763	$	113,452	$	115,439	$	141,266
Rent expense		1,799		1,972		2,417		3,923		4,377
Amortization		1,037		2,689		1,085		1,079		1,096
	$	93,167	$	109,424	$	116,954	$	120,441	$	146,739
Ratio		4.46		4.48		6.37		7.78		8.55