D.R. Horton (DHI) 10-K2009 FY Annual report

Filed: 20 Nov 09, 12:00am

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Exhibit 12.1

D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	For the Fiscal Year Ended September 30,
	2009			2008			2007			2006		2005
	($ in millions)
Consolidated income (loss) before income taxes	$	(552.3	)	$	(2,631.8	)	$	(951.2	)	$	1,987.1	$	2,378.6

Minority interests in income before income taxes of subsidiaries which have incurred fixed charges		—			—			2.6			2.6		—

Minority interests in losses before income taxes of majority owned subsidiaries which have incurred losses		(3.1	)		(0.6	)		—			—		(0.3	)

Amortization of capitalized interest		136.6			375.8			254.5			237.1		225.0

Interest expensed		105.8			56.6			52.6			72.1		33.9


Earnings (loss)	$	(313.0	)	$	(2,200.0	)	$	(641.5	)	$	2,298.9	$	2,637.2


Interest incurred	$	206.9		$	254.3		$	356.9		$	397.5	$	306.8


Fixed charges	$	206.9		$	254.3		$	356.9		$	397.5	$	306.8


Ratio of earnings to fixed charges		—			—			—			5.78		8.60


Coverage deficiency	$	519.9		$	2,454.3		$	998.4

Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million, $17.9 million, and $4.5 million in fiscal 2007, 2006, and 2005, respectively.