Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months | ||||||||||||||||||||||||
Ended | For the Fiscal Years Ended September 30, | |||||||||||||||||||||||
December 31, 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 391,803 | $ | 1,582,911 | $ | 1,008,162 | $ | 647,507 | $ | 407,797 | $ | 309,224 | ||||||||||||
Minority interests in pretax income of subsidiaries which have incurred fixed charges | — | 4,818 | 8,779 | 1,283 | — | — | ||||||||||||||||||
Minority interests in pretax losses of majority owned subsidiaries which have incurred losses | (57 | ) | (313 | ) | (911 | ) | (159 | ) | — | — | ||||||||||||||
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss | — | — | 605 | 668 | — | — | ||||||||||||||||||
Amortization of capitalized interest | 42,857 | 249,053 | 219,424 | 136,142 | 91,401 | 69,566 | ||||||||||||||||||
Interest expensed | 4,873 | 17,517 | 19,507 | 17,789 | 17,695 | 18,680 | ||||||||||||||||||
Earnings | $ | 439,476 | $ | 1,853,986 | $ | 1,255,566 | $ | 803,230 | $ | 516,893 | $ | 397,470 | ||||||||||||
Interest incurred | $ | 63,351 | $ | 250,851 | $ | 253,795 | $ | 210,557 | $ | 139,914 | $ | 112,813 | ||||||||||||
Fixed charges | $ | 63,351 | $ | 250,851 | $ | 253,795 | $ | 210,557 | $ | 139,914 | $ | 112,813 | ||||||||||||
Ratio of earnings to fixed charges | 6.94 | 7.39 | 4.95 | 3.81 | 3.69 | 3.52 | ||||||||||||||||||