Exhibit 12 Computation of Ratios of earnings to Fixed Charges Twelve months ended October 31, Six months ended April 30, ------------------------------------------------------------------- -------------------------------- 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 ------------------------------------------------------------------- -------------------------------- $171,575 $205,537 $280,856 $400,499 $414,629 $184,064 $190,143 =================================================================== ================================ 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 ------------------------------------------------------------------- -------------------------------- $41,188 $54,877 $61,549 $80,994 $92,298 $46,241 $53,046 =================================================================== ================================ Ratio 4.17 3.75 4.56 4.94 4.49 3.98 3.58