Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the nine months | ||||||||||||||||||||||||
For the fiscal years ended September 30, | ended June 30, | |||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 263,826 | $ | 309,224 | $ | 407,797 | $ | 647,507 | $ | 1,008,162 | $ | 1,017,019 | ||||||||||||
Minority interests in pretax income of subsidiaries which have incurred fixed charges | — | — | — | 1,283 | 8,779 | 4,797 | ||||||||||||||||||
Minority interests in pretax losses of majority owned subsidiaries which have incurred losses | (159 | ) | (911 | ) | (67 | ) | ||||||||||||||||||
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 | 173,092 | ||||||||||||||||||
Interest expensed | 18,565 | 18,680 | 17,695 | 17,789 | 19,507 | 13,338 | ||||||||||||||||||
Earnings | $ | 340,544 | $ | 397,470 | $ | 516,893 | $ | 803,230 | $ | 1,255,566 | $ | 1,208,179 | ||||||||||||
Interest incurred | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 253,795 | $ | 187,739 | ||||||||||||
Fixed charges | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 253,795 | $ | 187,739 | ||||||||||||
Ratio of earnings to fixed charges | 4.10 | 3.52 | 3.69 | 3.81 | 4.95 | 6.44 | ||||||||||||||||||