EXHIBIT 12.1
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(In Thousands, Except Ratios) | ||||||||||||||||||||
Years Ended November 30, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Loss from operations before income taxes | $ | (79,053 | ) | $ | (181,168 | ) | $ | (76,368 | ) | $ | (311,184 | ) | $ | (967,931 | ) | |||||
Add: | ||||||||||||||||||||
Interest incurred | 132,657 | 112,037 | 122,230 | 119,602 | 156,402 | |||||||||||||||
Amortization of premiums and discounts related to debt | 3,016 | 2,150 | 2,149 | 1,586 | 2,062 | |||||||||||||||
Portion of rent expense considered to be interest | 3,096 | 3,517 | 4,658 | 7,507 | 16,503 | |||||||||||||||
Amortization of previously capitalized interest | 78,630 | 79,338 | 95,236 | 138,179 | 129,901 | |||||||||||||||
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss) | 1,519 | 45,256 | 19,638 | 43,262 | 157,393 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Interest capitalized | (62,853 | ) | (62,833 | ) | (53,923 | ) | (67,839 | ) | (143,436 | ) | ||||||||||
Income (loss) as adjusted | $ | 77,012 | $ | (1,703 | ) | $ | 113,620 | $ | (68,887 | ) | $ | (649,106 | ) | |||||||
Fixed charges | ||||||||||||||||||||
Interest incurred | $ | 132,657 | $ | 112,037 | $ | 122,230 | $ | 119,602 | $ | 156,402 | ||||||||||
Amortization of premiums and discounts related to debt | 3,016 | 2,150 | 2,149 | 1,586 | 2,062 | |||||||||||||||
Portion of rent expense considered to be interest | 3,096 | 3,517 | 4,658 | 7,507 | 16,503 | |||||||||||||||
$ | 138,769 | $ | 117,704 | $ | 129,037 | $ | 128,695 | $ | 174,967 | |||||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | |||||||||||||||
Coverage deficiency (a) | $ | (61,757 | ) | $ | (119,407 | ) | $ | (15,417 | ) | $ | (197,582 | ) | $ | (824,073 | ) | |||||
The ratios of earnings to fixed charges are computed on a consolidated basis.
(a) | Earnings for the years ended November 30, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges for the period by $61.8 million, $119.4 million, $15.4 million, $197.6 million and $824.1 million, respectively. |