EXHIBIT 12
Computation of Ratios of Earnings to Fixed Charges
Nine months ended
For the Twelve Months ended October 31, July 31,
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2000 2001 2002 2003 2004 2004 2005
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Earnings:
Income before
income taxes $232,766 $339,712 $347,318 $411,153 $647,432 $361,312 $814,430
Interest expense 46,816 59,038 65,344 74,086 94,324 60,757 86,401
Rent expense 639 852 930 1,150 1,474 1,073 2,055
Amortization 635 897 1,037 2,689 1,085 817 811
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$280,856 $400,499 $414,629 $489,078 $744,315 $423,959 $903,697
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Fixed charges:
Homebuilding
Interest incurred $60,275 $79,245 $90,331 $104,763 $113,452 $85,140 $87,070
Rent expense 639 852 930 1,150 1,474 1,073 2,055
Amortization 635 897 1,037 2,689 1,085 817 811
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$61,549 $80,994 $92,298 $108,602 $116,011 $87,030 $89,936
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Ratio 4.56 4.94 4.49 4.50 6.42 4.87 10.05