PulteGroup (PHM) 10-K2017 FY Annual report

Filed: 7 Feb 18, 12:00am

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EXHIBIT 12

PULTEGROUP, INC.

RATIO OF EARNINGS TO FIXED CHARGES

($000’s omitted)



	Years Ended December 31,
	2017			2016			2015			2014			2013
Earnings:
Income (loss) from continuing operations before income taxes	$	938,828		$	933,850		$	816,023		$	689,758		$	527,822
Fixed charges	198,239			173,753			130,814			139,422			162,418
Amortization of capitalized interest	141,205			123,907			138,141			194,728			255,065
Capitalized interest	(181,719		)	(160,506		)	(120,001		)	(131,444		)	(154,107		)
Distributions in excess (less than) earnings of affiliates	(2,087		)	(3,326		)	(6,185		)	(3,476		)	767
Income as adjusted	$	1,094,466		$	1,067,678		$	958,792		$	888,988		$	791,965
Fixed charges:
Interest expensed and capitalized	$	188,071		$	162,861		$	121,672		$	131,069		$	154,819
Portion of rents representative of interest factor	10,168			10,892			9,142			8,353			7,599
Fixed charges	$	198,239		$	173,753		$	130,814		$	139,422		$	162,418
Ratio of earnings to fixed charges	5.5			6.1			7.3			6.4			4.9

Note: The ratios of earnings to fixed charges set forth above are computed on a consolidated basis. Fixed charges are comprised of interest incurred, which includes imputed interest associated with the guaranteed debt of our 50% or less owned affiliates, as well as a portion of rent expense, which represents the estimated interest factor and amortization of debt expense.