KB Home (KBH) 10-K2015 FY Annual report

Filed: 25 Jan 16, 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,
	2015			2014			2013			2012			2011
Earnings
Income (loss) from operations before income taxes	$	127,043		$	94,949		$	38,363		$	(79,053	)	$	(181,168	)
Add:
Interest incurred	186,885			171,541			149,101			132,657			112,037
Amortization of premiums and discounts related to debt	7,738			7,124			5,347			3,016			2,150
Portion of rent expense considered to be interest	4,524			3,917			3,204			3,096			3,517
Amortization of previously capitalized interest	143,255			90,804			87,414			78,630			79,338
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)	11,512			(1,063		)	2,882			1,519			45,256
Deduct:
Interest capitalized	(165,029		)	(140,791		)	(86,411		)	(62,853		)	(62,833		)
Income (loss) as adjusted	$	315,928		$	226,481		$	199,900		$	77,012		$	(1,703	)

Fixed charges
Interest incurred	$	186,885		$	171,541		$	149,101		$	132,657		$	112,037
Amortization of premiums and discounts related to debt	7,738			7,124			5,347			3,016			2,150
Portion of rent expense considered to be interest	4,524			3,917			3,204			3,096			3,517
Total fixed charges	$	199,147		$	182,582		$	157,652		$	138,769		$	117,704

Ratio of earnings to fixed charges	1.59		x	1.24		x	1.27		x	—			—

Coverage deficiency (a)	$	—		$	—		$	—		$	(61,757	)	$	(119,407	)

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


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