Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
| Actual Year | Actual Year | Actual Year | Actual Year | Actual year | ||||||||||||||||
| (Dollars In Thousands) | 10/09 | 10/08 | 10/07 | 10/06 | 10/05 | |||||||||||||||
| Net (loss) income | $ | (485,870 | ) | $ | (1,124,590 | ) | $ | (627,119 | ) | $ | 149,533 | $ | 471,847 | |||||||
| Add: | ||||||||||||||||||||
| Federal and state income tax (benefit) provisions | 36,152 | (43,458 | ) | (19,847 | ) | 83,573 | 308,738 | |||||||||||||
| Interest expensed | 201,274 | 176,336 | 141,754 | 111,944 | 89,721 | |||||||||||||||
| Interest expensed mortgage and financing subsidiaries | 1,728 | 3,601 | 6,009 | 7,767 | 5,801 | |||||||||||||||
| Distribution of earnings of unconsolidated joint ventures, net of income (loss) from unconsolidated joint ventures | 50,134 | 44,061 | 32,221 | (347 | ) | (6,171 | ) | |||||||||||||
| Amortization of bond prepaid expenses | 5,976 | 3,863 | 2,151 | 2,089 | 2,012 | |||||||||||||||
| Amortization of bond discounts | 1,179 | 821 | 1,084 | 1,039 | 715 | |||||||||||||||
| Total (loss) earnings | $ | (389,427 | ) | $ | (939,366 | ) | $ | (463,747 | ) | $ | 355,598 | $ | 872,663 | |||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest incurred | $ | 195,507 | $ | 190,801 | 194,547 | 166,427 | 102,930 | |||||||||||||
| Interest incurred mortgage and financing subsidiaries | 1,728 | 3,601 | 6,009 | 7,767 | 5,801 | |||||||||||||||
| Amortization of bond prepaid expenses | 5,976 | 3,863 | 2,151 | 2,089 | 2,012 | |||||||||||||||
| Amortization of bond discounts | 1,179 | 821 | 1,084 | 1,039 | 715 | |||||||||||||||
| Total fixed charges | $ | 204,390 | $ | 199,086 | $ | 203,791 | $ | 177,322 | $ | 111,458 | ||||||||||
| Ratio of earnings of fixed charges | (a | ) | (a | ) | (a | ) | 2.0 | 7.8 | ||||||||||||
| (a) | Earnings for the years ended October 31, 2009, 2008 and 2007 were insufficient to cover fixed charges for such periods by $616.1 million, $1,138.5 million and $667.5 million, respectively. |