Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| For the Fiscal Year Ended September 30, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| ($ in millions) | ||||||||||||||||||||
| Consolidated income (loss) before income taxes | $ | (2,631.8 | ) | $ | (951.2 | ) | $ | 1,987.1 | $ | 2,378.6 | $ | 1,582.9 | ||||||||
| Minority interests in income before income taxes of subsidiaries which have incurred fixed charges | — | 2.6 | 2.6 | — | 4.8 | |||||||||||||||
| Minority interests in losses before income taxes of majority owned subsidiaries which have incurred losses | (0.6 | ) | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||
| Distributed income of 50%-or-less-owned affiliates, net of equity income or loss | — | — | — | — | — | |||||||||||||||
| Amortization of capitalized interest | 375.8 | 254.5 | 237.1 | 225.0 | 249.1 | |||||||||||||||
| Interest expensed | 56.6 | 52.6 | 72.1 | 33.9 | 17.5 | |||||||||||||||
| Earnings (loss) | $ | (2,200.0 | ) | $ | (641.5 | ) | $ | 2,298.9 | $ | 2,637.2 | $ | 1,854.0 | ||||||||
| Interest incurred | $ | 254.3 | $ | 356.9 | $ | 397.5 | $ | 306.8 | $ | 250.9 | ||||||||||
| Fixed charges | $ | 254.3 | $ | 356.9 | $ | 397.5 | $ | 306.8 | $ | 250.9 | ||||||||||
| Ratio of earnings to fixed charges | — | — | 5.78 | 8.60 | 7.39 | |||||||||||||||
| Coverage deficiency | $ | 2,454.3 | $ | 998.4 | — | — | — | |||||||||||||
| Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million, $17.9 million, $4.5 million and $3.0 million in fiscal 2007, 2006, 2005, and 2004, respectively. | ||