Exhibit 12
Computation of Ratios of Earnings to Fixed Charges
Three months ended
Twelve months ended October 31, January 31,
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1997 1998 1999 2000 2001 2001 2002
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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
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$138,485 $171,432 $204,290 $279,056 $398,676 $75,277 $85,466
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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
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$36,335 $39,418 $52,558 $61,549 $80,994 $17,211 $23,374
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Ratio, including collateralized
mortgage financing 3.81 4.35 3.89 4.53 4.92 4.38 3.66