KB Home (KBH) 10-K2013 FY Annual report

Filed: 27 Jan 14, 12:00am

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EXHIBIT 12.1



KB HOME
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)

	Years Ended November 30,
	2013			2012			2011			2010			2009
Earnings
Income (loss) from operations before income taxes	$	38,363		$	(79,053	)	$	(181,168	)	$	(76,368	)	$	(311,184	)
Add:
Interest incurred	149,101			132,657			112,037			122,230			119,602
Amortization of premiums and discounts related to debt	5,347			3,016			2,150			2,149			1,586
Portion of rent expense considered to be interest	3,204			3,096			3,517			4,658			7,507
Amortization of previously capitalized interest	87,414			78,630			79,338			95,236			138,179
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)	2,882			1,519			45,256			19,638			43,262
Deduct:
Interest capitalized	(86,411		)	(62,853		)	(62,833		)	(53,923		)	(67,839		)
Income (loss) as adjusted	$	199,900		$	77,012		$	(1,703	)	$	113,620		$	(68,887	)

Fixed charges
Interest incurred	$	149,101		$	132,657		$	112,037		$	122,230		$	119,602
Amortization of premiums and discounts related to debt	5,347			3,016			2,150			2,149			1,586
Portion of rent expense considered to be interest	3,204			3,096			3,517			4,658			7,507
	$	157,652		$	138,769		$	117,704		$	129,037		$	128,695

Ratio of earnings to fixed charges	1.27		x	—			—			—			—

Coverage deficiency (a)	$	—		$	(61,757	)	$	(119,407	)	$	(15,417	)	$	(197,582	)

The ratios of earnings to fixed charges are computed on a consolidated basis.


(a)	Earnings for the years ended November 30, 2012, 2011, 2010 and 2009 were insufficient to cover fixed charges for the period by $61.8 million, $119.4 million, $15.4 million and $197.6 million, respectively.