Exhibit 12 Computation of Ratios of Earnings to Fixed Charges Three months ended Twelve months ended October 31, January 31, ----------------------------------------------------------------- ------------------------- 1997 1998 1999 2000 2001 2001 2002 ------------ ------------ ------------ ------------ ---------- ----------- ---------- Earnings: Income before income taxes and extraordinary (loss) and change in accounting $107,646 $134,293 $162,750 $230,966 $337,889 $63,195 $69,984 Homebuilding Interest expense 29,746 36,052 40,378 46,777 59,002 11,764 14,978 Rent expense 193 293 425 639 852 151 237 Amortization 667 610 618 635 897 159 259 Collateralized mortgage financing: Interest expense 233 184 119 39 36 8 8 ------------ ------------ ------------ ------------ ----------- ----------- ---------- $138,485 $171,432 $204,290 $279,056 $398,676 $75,277 $85,466 ============ ============ ============ ============ =========== =========== ========== Fixed charges: Homebuilding: Interest incurred: $35,242 $38,331 $51,396 $60,236 $79,209 $16,893 $22,870 Rent expense 193 293 425 639 852 151 237 Amortization 667 610 618 635 897 159 259 Collateralized mortgage financing: Interest incurred: 233 184 119 39 36 8 8 ------------ ------------ ------------ ------------ ----------- ----------- ---------- $36,335 $39,418 $52,558 $61,549 $80,994 $17,211 $23,374 ============ ============ ============ ============ =========== =========== ========== Ratio, including collateralized mortgage financing 3.81 4.35 3.89 4.53 4.92 4.38 3.66