Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months | ||||||||||||||||||||||||
Ended | For the fiscal year ended September 30, | |||||||||||||||||||||||
March 31, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Consolidated income (loss) before income taxes | $ | (1,087.5 | ) | $ | (951.2 | ) | $ | 1,987.1 | $ | 2,378.6 | $ | 1,582.9 | $ | 1,008.2 | ||||||||||
Minority interests in income before income taxes of subsidiaries which have incurred fixed charges | — | 2.6 | 2.6 | — | 4.8 | 8.8 | ||||||||||||||||||
Minority interests in losses before income taxes of majority owned subsidiaries which have incured losses | — | — | — | (0.3 | ) | (0.3 | ) | (0.9 | ) | |||||||||||||||
Distributed income of 50%-or-less-owned affiliates, net of equity income or loss | — | — | — | — | — | 0.6 | ||||||||||||||||||
Amortization of capitalized interest | 193.6 | 254.5 | 237.1 | 225.0 | 249.1 | 219.4 | ||||||||||||||||||
Interest expensed | 20.0 | 52.6 | 72.1 | 33.9 | 17.5 | 19.5 | ||||||||||||||||||
Earnings (loss) | $ | (873.9 | ) | $ | (641.5 | ) | $ | 2,298.9 | $ | 2,637.2 | $ | 1,854.0 | $ | 1,255.6 | ||||||||||
Interest incurred | $ | 128.3 | $ | 356.9 | $ | 397.5 | $ | 306.8 | $ | 250.9 | $ | 253.8 | ||||||||||||
Fixed charges | $ | 128.3 | $ | 356.9 | $ | 397.5 | $ | 306.8 | $ | 250.9 | $ | 253.8 | ||||||||||||
Ratio of earnings to fixed charges | — | — | 5.78 | 8.60 | 7.39 | 4.95 | ||||||||||||||||||
Coverage deficiency | $ | 1,002.2 | $ | 998.4 | — | — | — | — | ||||||||||||||||
= = = |
Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million, $17.9 million, $4.5 million, $3.0 million and $3.8 million in fiscal 2007, 2006, 2005, 2004 and 2003, respectively. |