Exhibit 12.1
HOVNANIAN ENTERPRISES, INC.
Statement setting forth computation showing the ratio of earnings
to fixed charges, including wholly owned
mortgage banking and finance subsidiaries
(Dollars in Thousands)
| Six Months Ended April 2003 Actual | Year Ended October 2002 Actual | Year Ended October 2001 Actual | Year Ended October 2000 Actual | Year Ended October 1999 Actual | Year Ended October 1998 Actual | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income | 97,329 | 137,696 | 63,686 | 33,163 | 30,075 | 25,403 | ||||||||
Add: | ||||||||||||||
Federal and State Income Taxes | 58,235 | 88,034 | 42,668 | 18,655 | 19,206 | 14,738 | ||||||||
Interest Expensed Res & Comm | 27,104 | 60,371 | 51,446 | 34,956 | 31,570 | 39,352 | ||||||||
Interest Expensed Mortgage & Finance Subsidiaries | 841 | 2,337 | 3,180 | 2,491 | 3,240 | 3,099 | ||||||||
Amortization of Bond Prepaid Expenses | 637 | 2,119 | 976 | 670 | 1,885 | 1,776 | ||||||||
Amortization of Bond Discount | 250 | 441 | 367 | 30 | — | — | ||||||||
Total Earnings | 184,396 | 290,998 | 162,323 | 89,965 | 85,976 | 84,368 | ||||||||
Fixed Charges: | ||||||||||||||
Interest Incurred Res & Comm | 30,425 | 57,406 | 47,272 | 38,878 | 24,594 | 28,947 | ||||||||
Interest Incurred Mortgage & Finance Subsidiaries | 841 | 2,337 | 3,180 | 2,491 | 3,240 | 3,099 | ||||||||
Amortization of Bond Prepaid Expenses | 637 | 2,119 | 976 | 670 | 1,885 | 1,776 | ||||||||
Amortization of Bond Discount | 250 | 441 | 367 | 30 | — | — | ||||||||
Total Fixed Charges | 32,153 | 62,303 | 51,795 | 42,069 | 29,719 | 33,822 | ||||||||
Ratio | 5.7 | 4.7 | 3.1 | 2.1 | 2.9 | 2.5 |