Exhibit 12.1
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Years Ended November 30, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (967,931 | ) | $ | (1,460,770 | ) | $ | 571,847 | $ | 1,201,534 | $ | 642,184 | ||||||||
Add: | ||||||||||||||||||||
Interest incurred | 156,402 | 199,550 | 237,801 | 164,245 | 140,602 | |||||||||||||||
Amortization of premiums and discounts related to debt | 2,062 | 2,478 | 2,441 | 1,550 | 1,617 | |||||||||||||||
Portion of rent expense considered to be interest | 16,503 | 28,464 | 27,657 | 19,294 | 14,073 | |||||||||||||||
Amortization of previously capitalized interest | 129,901 | 171,496 | 143,249 | 100,971 | 77,266 | |||||||||||||||
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss) | 157,393 | 171,576 | 15,164 | (2,242 | ) | (2,302 | ) | |||||||||||||
Deduct: | ||||||||||||||||||||
Interest capitalized | (143,436 | ) | (186,560 | ) | (221,074 | ) | (142,738 | ) | (121,241 | ) | ||||||||||
Income (loss) as adjusted | $ | (649,106 | ) | $ | (1,073,766 | ) | $ | 777,085 | $ | 1,342,614 | $ | 752,199 | ||||||||
Fixed charges | ||||||||||||||||||||
Interest incurred | $ | 156,402 | $ | 199,550 | $ | 237,801 | $ | 164,245 | $ | 140,602 | ||||||||||
Amortization of premiums and discounts related to debt | 2,062 | 2,478 | 2,441 | 1,550 | 1,617 | |||||||||||||||
Portion of rent expense considered to be interest | 16,503 | 28,464 | 27,657 | 19,294 | 14,073 | |||||||||||||||
$ | 174,967 | $ | 230,492 | $ | 267,899 | $ | 185,089 | $ | 156,292 | |||||||||||
Ratio of earnings to fixed charges | — | — | 2.90 | 7.25 | 4.81 | |||||||||||||||
Coverage deficiency (a) | $ | (824,073 | ) | $ | (1,304,258 | ) | $ | — | $ | — | $ | — | ||||||||
The ratios of earnings to fixed charges are computed on a consolidated basis excluding the French discontinued operations.
(a) | Earnings for the year ended November 30, 2008 were insufficient to cover fixed charges for the period by $824.1 million. Earnings for the year ended November 30, 2007 were insufficient to cover fixed charges for the period by $1.30 billion. |