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Exhibit 12.1
HOVNANIAN ENTERPRISES, INC.
Statement setting forth computation showing the ratio of earnings to fixed charges
(Dollars in Thousands)
| Nine Months Ended July 31, 2003 Actual | Year Ended October 31, 2002 Actual | Year Ended October 31, 2001 Actual | Year Ended October 31, 2000 Actual | Year Ended October 31, 1999 Actual | Year Ended October 31, 1998 Actual | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income | 166,131 | 137,696 | 63,686 | 33,163 | 30,075 | 25,403 | |||||||
Add: | |||||||||||||
Federal and State Income Taxes | 99,241 | 88,034 | 42,668 | 18,655 | 19,206 | 14,738 | |||||||
Interest Expensed Res & Comm | 44,308 | 60,371 | 51,446 | 34,956 | 31,570 | 39,352 | |||||||
Interest Expensed Mortgage & Finance Subsidiaries | 1,498 | 2,337 | 3,180 | 2,491 | 3,240 | 3,099 | |||||||
Amortization of Bond Prepaid Expenses | 995 | 2,119 | 976 | 670 | 1,885 | 1,776 | |||||||
Amortization of Bond Discount | 382 | 441 | 367 | 30 | — | — | |||||||
Total Earnings | 312,555 | 290,998 | 162,323 | 89,965 | 85,976 | 84,368 | |||||||
Fixed Charges: | |||||||||||||
Interest Incurred Res & Comm | 48,232 | 57,406 | 47,272 | 38,878 | 24,594 | 28,947 | |||||||
Interest Incurred Mortgage & Finance Subsidiaries | 1,498 | 2,337 | 3,180 | 2,491 | 3,240 | 3,099 | |||||||
Amortization of Bond Prepaid Expenses | 995 | 2,119 | 976 | 670 | 1,885 | 1,776 | |||||||
Amortization of Bond Discount | 382 | 441 | 367 | 30 | — | — | |||||||
Total Fixed Charges | 51,107 | 62,303 | 51,795 | 42,069 | 29,719 | 33,822 | |||||||
Ratio | 6.1 | 4.7 | 3.1 | 2.1 | 2.9 | 2.5 |
HOVNANIAN ENTERPRISES, INC. Statement setting forth computation showing the ratio of earnings to fixed charges (Dollars in Thousands)