Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended September 30, | For the six months ended March 31, | |||||||||||||||||||||
1998 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Consolidated pretax income before cumulative effect of change in accounting principle | $ | 159,099 | $ | 263,826 | $ | 309,224 | $ | 407,797 | $ | 647,507 | $ | 259,775 | $ | 385,111 | ||||||||
Minority interests in pretax income (loss) of subsidiaries which have incurred interest charges | — | — | — | — | 1,322 | 1,099 | (261 | ) | ||||||||||||||
Distributed income of equity investees, net of equity income or loss | — | — | — | — | 668 | 4 | 75 | |||||||||||||||
Amortization of capitalized interest | 47,995 | 58,153 | 69,566 | 91,401 | 136,142 | 51,746 | 89,228 | |||||||||||||||
Interest expensed | 17,453 | 18,565 | 18,680 | 17,695 | 17,789 | 8,342 | 7,372 | |||||||||||||||
Earnings | $ | 224,547 | $ | 340,544 | $ | 397,470 | $ | 516,893 | $ | 803,428 | $ | 320,966 | $ | 481,525 | ||||||||
Interest incurred | $ | 71,649 | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 87,830 | $ | 124,018 | ||||||||
Fixed charges | $ | 71,649 | $ | 83,090 | $ | 112,813 | $ | 139,914 | $ | 210,557 | $ | 87,830 | $ | 124,018 | ||||||||
Ratio of earnings to fixed charges | 3.13 | 4.10 | 3.52 | 3.69 | 3.82 | 3.65 | 3.88 | |||||||||||||||