Exhibit 12
Computation of Ratios of earnings to Fixed Charges
Twelve months ended October 31, Six months ended April 30,
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1998 1999 2000 2001 2002 2002 2003
Earnings:
Income before income taxes $132,666 $161,678 $232,766 $339,712 $347,318 $152,810 $155,536
Interest expense 37,522 41,896 46,816 59,038 65,344 30,267 32,596
Rent expense 293 425 639 852 930 468 545
Amortization 1,094 1,538 635 897 1,037 519 1,466
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$171,575 $205,537 $280,856 $400,499 $414,629 $184,064 $190,143
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Fixed charges:
Homebuilding
Interest incurred $39,801 $52,914 $60,275 $79,245 $90,331 $45,254 $51,035
Rent expense 293 425 639 852 930 468 545
Amortization 1,094 1,538 635 897 1,037 519 1,466
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$41,188 $54,877 $61,549 $80,994 $92,298 $46,241 $53,046
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Ratio 4.17 3.75 4.56 4.94 4.49 3.98 3.58