EXHIBIT 12
Computation of Ratios of Earnings to Fixed Charges
Six months ended
Twelve months ended October 31, April 30,
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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 $135,546 $152,811
Homebuilding
Interest expense 29,746 36,052 40,378 46,777 59,002 25,416 30,255
Rent expense 193 293 425 639 852 319 468
Amortization 667 610 618 635 897 405 519
Collateralized mortgage
financing:
Interest expense 233 184 119 39 36 18 12
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$138,485 $171,432 $204,290 $279,056 $398,676 $161,704 $184,065
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Fixed charges:
Homebuilding:
Interest incurred: $35,242 $38,331 $51,396 $60,236 $79,209 $37,399 $45,242
Rent expense 193 293 425 639 852 319 468
Amortization 667 610 618 635 897 405 519
Collateralized mortgage
financing:
Interest incurred: 233 184 119 39 36 18 12
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$36,335 $39,418 $52,558 $61,549 $80,994 $38,141 $46,241
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Ratio, including collateralized
mortgage financing 3.81 4.35 3.89 4.53 4.92 4.24 3.98