Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended September 30, | For the three months ended December 31, | |||||||||||||||||||||
1998 | 1999 | 2000 | 2001 | 2002 | 2001 | 2002 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 159,099 | $ | 263,826 | $ | 309,224 | $ | 407,797 | $ | 647,507 | $ | 117,485 | $ | 178,925 |
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Minority interests in pretax income of subsidiaries which have incurred interest charges |
| — |
| — |
| — |
| — |
| 1,322 |
| (505 | ) | |||||||||
Distributed income of equity investees, net of equity income or loss |
| — |
| — |
| — |
| — |
| 668 |
| — |
| 72 |
| |||||||
Amortization of capitalized interest |
| 47,995 |
| 58,153 |
| 69,566 |
| 91,401 |
| 136,142 |
| 22,300 |
| 39,519 |
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Interest expensed |
| 17,453 |
| 18,565 |
| 18,680 |
| 17,695 |
| 17,789 |
| 3,460 |
| 4,079 |
| |||||||
Earnings | $ | 224,547 | $ | 340,544 | $ | 397,470 | $ | 516,893 | $ | 803,428 | $ | 143,245 | $ | 222,090 |
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Interest incurred | $ | 71,649 | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 38,976 | $ | 60,467 |
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Fixed charges | $ | 71,649 | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 38,976 | $ | 60,467 |
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Ratio of earnings to fixed charges. |
| 3.13 |
| 4.10 |
| 3.52 |
| 3.69 |
| 3.82 |
| 3.68 |
| 3.67 |
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