D.R. Horton (DHI) 10-Q2016 Q2 Quarterly report

Filed: 25 Apr 16, 12:00am

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Removed: Administration, Albuquerque, collateralizing, Committee, comparing, creditor, derecognize, derecognized, drawn, execution, FHA, function, met, occurred, opportunistically, physical, possession, pursue, receivable, recovered, reduction, repossession, revised, satisfaction, structure, Troubled, understanding, Unrealized, VA, weak

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Exhibit 12.1

D.R. HORTON, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Six Months Ended March 31, 2016		For the Fiscal Year Ended September 30,
	Six Months Ended March 31, 2016		2015		2014		2013		2012		2011
	($ in millions)
Consolidated income before income taxes	$	541.8	$	1,123.4	$	814.2	$	657.8	$	242.9	$	12.1
Amortization of capitalized interest	76.1		159.7		124.4		110.9		94.1		92.0
Interest expensed	2.9		5.6		4.8		11.7		31.5		57.0
Earnings	$	620.8	$	1,288.7	$	943.4	$	780.4	$	368.5	$	161.1
Interest incurred	$	85.5	$	174.8	$	190.6	$	177.3	$	128.7	$	136.7
Fixed charges	$	85.5	$	174.8	$	190.6	$	177.3	$	128.7	$	136.7
Ratio of earnings to fixed charges	7.26		7.37		4.95		4.40		2.86		1.18

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