Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years For the three months
ended September 30, ended December 31,
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1994 1995 1996 1997 1998 1997 1998
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($'s in thousands)
Consolidated pretax
income from continuing
operations.............. $51,728 $58,022 $89,814 $108,550 $159,099 $30,418 $54,266
Amortization of
capitalized interest.... 12,259 18,734 25,670 29,323 47,995 8,237 14,884
Interest expensed....... 7,946 9,551 10,006 11,707 17,453 3,074 3,967
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Earnings........ $71,933 $86,307 $125,490 $149,580 $224,547 $41,729 $73,117
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Interest incurred....... $23,869 $34,500 $39,807 $51,978 $71,649 $15,648 $16,457
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Fixed charges... $23,869 $34,500 $39,807 $51,978 $71,649 $15,648 $16,457
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Ratio of earnings to
fixed charges........... 3.01 2.50 3.15 2.88 3.13 2.67 4.44
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