EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges Six months ended Twelve months ended October 31, April 30, ----------------------------------------------------------------- ------------------------- 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 $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 ------------ ------------ ------------ ------------ ----------- ----------- ---------- $138,485 $171,432 $204,290 $279,056 $398,676 $161,704 $184,065 ============ ============ ============ ============ =========== =========== ========== 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 ------------ ------------ ------------ ------------ ----------- ----------- ---------- $36,335 $39,418 $52,558 $61,549 $80,994 $38,141 $46,241 ============ ============ ============ ============ =========== =========== ========== Ratio, including collateralized mortgage financing 3.81 4.35 3.89 4.53 4.92 4.24 3.98