EXHIBIT 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND SUPPLEMENTAL PRO FORMA COMBINED RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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For the nine months
For the fiscal years ended September 30, ended June 30,
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1997 1998 1999 2000 2001 2001 2002
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(dollars in thousands)
Consolidated pretax income before cumulative
effect of change in accounting principle..... $108,550 $159,099 $263,826 $309,224 $407,797 $268,975 $429,278
Amortization of capitalized interest......... 29,323 47,995 58,153 69,566 91,401 60,724 89,557
Interest expensed............................ 11,707 17,453 18,565 18,680 17,695 12,756 12,805
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Earnings......................... $149,580 $224,547 $340,544 $397,470 $516,893 $342,455 $531,640
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Interest incurred............................ $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $100,999 $149,177
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Fixed charges.................... $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $100,999 $149,177
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Ratio of earnings to fixed charges........... 2.88 3.13 4.10 3.52 3.69 3.39 3.56
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COMPUTATION OF SUPPLEMENTAL
PRO FORMA COMBINED
WITH SCHULER RATIO OF
EARNINGS TO FIXED CHARGES
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For the For the
year ended nine months
September 30, ended June 30,
2001 2002
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(dollars in thousands)
Consolidated pretax income before cumulative
effect of change in accounting principle..... $ 533,699 $ 482,557
Amortization of capitalized interest......... 149,761 108,670
Interest expensed............................ 25,636 14,144
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Earnings......................... $ 709,096 $ 605,371
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Interest incurred............................ $ 208,685 $ 172,958
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Fixed charges.................... $ 208,685 $ 172,958
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Ratio of earnings to fixed charges........... 3.40 3.50
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