Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months | ||||||||||||||||||||||||
Ended | For the Fiscal Years Ended September 30, | |||||||||||||||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 869.9 | $ | 1,582.9 | $ | 1,008.2 | $ | 647.5 | $ | 407.8 | $ | 309.2 | ||||||||||||
Minority interests in pretax income of subsidiaries which have incurred fixed charges | — | 4.8 | 8.8 | 1.3 | — | — | ||||||||||||||||||
Minority interests in pretax losses of majority owned subsidiaries which have incurred losses | (0.2 | ) | (0.3 | ) | (0.9 | ) | (0.2 | ) | — | — | ||||||||||||||
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss | — | — | 0.6 | 0.7 | — | — | ||||||||||||||||||
Amortization of capitalized interest | 98.9 | 249.1 | 219.4 | 136.1 | 91.4 | 69.6 | ||||||||||||||||||
Interest expensed | 11.0 | 17.5 | 19.5 | 17.8 | 17.7 | 18.7 | ||||||||||||||||||
Earnings | $ | 979.6 | $ | 1,854.0 | $ | 1,255.6 | $ | 803.2 | $ | 516.9 | $ | 397.5 | ||||||||||||
Interest incurred | $ | 146.9 | $ | 250.9 | $ | 253.8 | $ | 210.6 | $ | 139.9 | $ | 112.8 | ||||||||||||
Fixed charges | $ | 146.9 | $ | 250.9 | $ | 253.8 | $ | 210.6 | $ | 139.9 | $ | 112.8 | ||||||||||||
Ratio of earnings to fixed charges | 6.67 | 7.39 | 4.95 | 3.81 | 3.69 | 3.52 | ||||||||||||||||||