EXHIBIT 12.1 40 WEEKS FISCAL YEARS(1) ENDED ---------------------------------------------------- JANUARY 30, 1996 1997 1998 1999 2000 2000 -------- -------- -------- -------- -------- ----------- (DOLLARS IN THOUSANDS) Income from continuing operations before income taxes, minority interest, discontinued operations and cumulative effect of accounting change:.............................. $110,993 $147,050 $178,885 $196,415 $159,059 $136,165 -------- -------- -------- -------- -------- -------- Plus fixed charges: Interest on all indebtedness......... 1,429 4,035 3,567 9,837 15,243 11,540 Distributions on Fleetwood Capital Trust.............................. -- -- 3,936 17,523 17,525 13,144 -------- -------- -------- -------- -------- -------- Total fixed charges:................... 1,429 4,035 7,503 27,360 32,768 24,684 -------- -------- -------- -------- -------- -------- Less distributions on Fleetwood Capital Trust:............................... -- -- (3,936) (17,523) (17,525) (13,144) Earnings:.............................. $112,422 $151,085 $182,452 $206,252 $174,302 $147,705 -------- -------- -------- -------- -------- -------- Fixed charge ratio:.................. 78.7 37.4 24.3 7.5 5.3 6.0 -------- -------- -------- -------- -------- --------