EXHIBIT 12.1
PULTEGROUP, INC.
RATIO OF EARNINGS TO FIXED CHARGES
($000’s omitted)
(Unaudited)
For the Six Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Earnings: | ||||||||
Income from continuing operations before income taxes | $ | 307,793 | $ | 263,431 | ||||
Fixed charges | 79,845 | 67,483 | ||||||
Amortization of capitalized interest | 55,525 | 65,353 | ||||||
Capitalized interest | (73,515 | ) | (62,099 | ) | ||||
Distributions in excess (less than) earnings of affiliates | (1,385 | ) | (772 | ) | ||||
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Income as adjusted | $ | 368,263 | $ | 333,396 | ||||
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Fixed charges: | ||||||||
Interest expensed and capitalized | $ | 74,508 | $ | 62,711 | ||||
Portion of rents representative of interest factor | 5,337 | 4,772 | ||||||
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Fixed charges | $ | 79,845 | $ | 67,483 | ||||
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Ratio of earnings to fixed charges | 4.6 | 4.9 | ||||||
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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.