Exhibit 12
Year ended October 31, | Nine months ended July 31, | |||||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2010 | 2011 | ||||||||||||||||||||||
(Loss) earnings: | ||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | 1,126,616 | $ | 70,680 | $ | (466,787 | ) | $ | (496,465 | ) | $ | (117,187 | ) | $ | (107,720 | ) | $ | (44,643 | ) | |||||||||
Interest expense | 122,473 | 102,652 | 89,300 | 96,727 | 106,997 | 75,785 | 58,692 | |||||||||||||||||||||
Rent expense | 4,377 | 4,252 | 4,070 | 3,066 | 2,890 | 2,089 | 1,750 | |||||||||||||||||||||
Amortization | 1,096 | 1,102 | 1,380 | 1,239 | 1,374 | 1,035 | 1,020 | |||||||||||||||||||||
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$ | 1,254,562 | $ | 178,686 | $ | (372,037 | ) | $ | (395,433 | ) | $ | (5,926 | ) | $ | (28,811 | ) | $ | 16,819 | |||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Homebuilding | ||||||||||||||||||||||||||||
Interest incurred | $ | 141,266 | $ | 136,758 | $ | 116,340 | $ | 118,026 | $ | 114,975 | $ | 87,740 | $ | 86,820 | ||||||||||||||
Rent expense | 4,377 | 4,252 | 4,070 | 3,066 | 2,890 | 2,089 | 1,750 | |||||||||||||||||||||
Amortization | 1,096 | 1,102 | 1,380 | 1,239 | 1,374 | 1,035 | 1,020 | |||||||||||||||||||||
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$ | 146,739 | $ | 142,112 | $ | 121,790 | $ | 122,331 | $ | 119,239 | $ | 90,864 | $ | 89,590 | |||||||||||||||
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Ratio | 8.55 | 1.26 | (a) | (a) | (a) | (a) | (a) | |||||||||||||||||||||
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(a) | For the twelve-month periods ended October 31, 2010, 2009 and 2008, and the nine-month periods ended July 31, 2011 and 2010, our earnings were not sufficient to cover fixed charges by approximately $125.2 million, $517.8 million, $493.8 million, $72.8 million and $119.7 million, respectively. |