Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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.