Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended September 30, | |||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 263,826 | $ | 309,224 | $ | 407,797 | $ | 647,507 | $ | 1,008,162 | |||||||||||
Minority interests in pretax income of subsidiaries which have incurred fixed charges | — | — | — | 1,322 | 8,779 | ||||||||||||||||
Minority interests in pretax losses of majority owned subsidiaries which have incurred losses | (911 | ) | |||||||||||||||||||
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss | — | — | — | 668 | 605 | ||||||||||||||||
Amortization of capitalized interest | 58,153 | 69,566 | 91,401 | 136,142 | 219,424 | ||||||||||||||||
Interest expensed | 18,565 | 18,680 | 17,695 | 17,789 | 19,507 | ||||||||||||||||
Earnings | $ | 340,544 | $ | 397,470 | $ | 516,893 | $ | 803,428 | $ | 1,255,566 | |||||||||||
Interest incurred | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 253,795 | |||||||||||
Fixed charges | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 253,795 | |||||||||||
Ratio of earnings to fixed charges | 4.10 | 3.52 | 3.69 | 3.82 | 4.95 | ||||||||||||||||