Toll Brothers (TOL) S-3ASR Automatic shelf registration

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
	$	1,254,562	$	178,686	$	(372,037	)	$	(395,433	)	$	(5,926	)	$	(28,811	)	$	16,819
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
	$	146,739	$	142,112	$	121,790		$	122,331		$	119,239		$	90,864		$	89,590
Ratio		8.55		1.26			(a)			(a)			(a)			(a)			(a)

(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.