D.R. Horton (DHI) 10-Q2009 Q1 Quarterly report

Filed: 6 Feb 09, 12:00am

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Exhibit 12.1

D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	Three Months
	Ended			For the fiscal year ended September 30,
	December 31, 2008			2008			2007			2006		2005			2004
	($ in millions)
Consolidated income (loss) before income taxes	$	(61.3	)	$	(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		33.8			375.8			254.5			237.1		225.0			249.1

Interest expensed		28.5			56.6			52.6			72.1		33.9			17.5


Earnings (loss)	$	1.0		$	(2,200.0	)	$	(641.5	)	$	2,298.9	$	2,637.2		$	1,854.0


Interest incurred	$	59.6		$	254.3		$	356.9		$	397.5	$	306.8		$	250.9


Fixed charges	$	59.6		$	254.3		$	356.9		$	397.5	$	306.8		$	250.9


Ratio of earnings to fixed charges		—			—			—			5.78		8.60			7.39


Coverage deficiency	$	58.6		$	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.