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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Three Months
Ended January 31, Year Ended October 31,
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2002 2001 2001 2000 1999 1998 1997
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(Dollars in thousands)
Net Income (Loss) 18,161 6,923 63,686 33,163 30,075 25,403 (6,970)
Add:
Federal and State Inc Taxes 11,636 4,637 42,668 18,655 19,674 15,141 (5,154)
Extraordinary Loss 868 748
Interest Expensed Residential & Commercial 13,702 9,505 51,446 34,956 31,570 39,352 37,704
Interest Expensed Mortgage & Finance
Subsidiaries 848 601 3,180 2,491 3,240 3,099 1,778
Amortization of Bond Prepaid Expense 247 230 976 670 549 625 636
Minority Interest 123 (63) (38) 910
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Total Earnings 44,717 21,833 161,918 90,845 85,976 84,368 27,994
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Fixed Charges:
Interest Incurred Residential & Commercial 11,477 11,572 47,272 38,878 24,594 28,947 34,777
Interest Incurred Mortgage & Finance
Subsidiaries 848 601 3,180 2,491 3,240 3,099 1,778
Amortization of Bond Prepaid Expense 247 230 976 670 1,033 1,043 636
Amortization of Bond Discount 99 89 367 30
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Total Fixed Charges 12,671 12,492 51,795 42,069 28,867 33,089 37,191
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Ratio of Earnings to Fixed Charges 3.5 1.7 3.1 2.2 3.0 2.5 0.8
Insufficient Earnings to Cover Fixed Charges 9,197
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