1
Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(INCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES)
(DOLLARS IN THOUSANDS)
SIX MONTHS ENDED FISCAL YEARS ENDED NOVEMBER 30,
--------------------- --------------------------------------------------------
MAY 31, MAY 31,
2001 2000 2000 1999 1998 1997 1996
--------- -------- -------- -------- -------- -------- --------
EARNINGS FROM CONTINUING OPERATIONS:
Pre-tax income from continuing operations.. $ 241,093 96,151 375,635 285,477 240,114 85,727 84,429
Adjustments to pre-tax income from
continuing operations:
Fixed charges ............................. 78,529 47,830 142,654 73,020 63,792 63,483 49,100
Interest capitalized ...................... (64,334) (37,937) (117,444) (54,792) (45,930) (32,600) (23,200)
Adjustment for undistributed earnings and
losses of unconsolidated 50% or less
owned entities ......................... 2,644 1,884 6,928 (8,197) 1,050 15 50
Previously capitalized interest amortized.. 53,114 29,728 98,601 49,011 43,216 25,600 20,500
--------- -------- -------- -------- -------- -------- --------
"Earnings" ................................ $ 311,046 137,656 506,374 344,519 302,242 142,225 130,879
========= ======== ======== ======== ======== ======== ========
FIXED CHARGES:
Interest incurred ......................... $ 71,244 43,288 130,458 64,908 59,043 63,483 49,100
Interest component of rent expense(1) ..... 7,285 4,542 12,196 8,112 4,749 -- --
--------- -------- -------- -------- -------- -------- --------
"Fixed Charges" ........................... $ 78,529 47,830 142,654 73,020 63,792 63,483 49,100
========= ======== ======== ======== ======== ======== ========
EARNINGS TO FIXED CHARGES INCLUDING
LIMITED-PURPOSE FINANCE SUBSIDIARIES ... 4.0 2.9 3.5 4.7 4.7 2.2 2.7
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(1) The interest component of rent expense was not material prior to 1998.
2
COMPUTATION OF EARNINGS TO FIXED CHARGES
(EXCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES)
(DOLLARS IN THOUSANDS)
SIX MONTHS ENDED FISCAL YEARS ENDED NOVEMBER 30,
--------------------- --------------------------------------------------------
MAY 31, MAY 31,
2001 2000 2000 1999 1998 1997 1996
--------- -------- -------- -------- -------- -------- --------
EARNINGS FROM CONTINUING OPERATIONS:
Pre-tax income from continuing operations.. $ 241,093 96,151 375,635 285,477 240,114 85,727 84,429
Adjustments to pre-tax income from
continuing operations:
Fixed charges ............................. 77,898 46,962 141,047 70,789 60,541 58,969 43,900
Interest capitalized ...................... (64,334) (37,937) (117,444) (54,792) (45,930) (32,600) (23,200)
Adjustment for undistributed earnings and 6,928 (8,197) 1,050 15 50
losses of unconsolidated 50% or less
owned entities ......................... 2,644 1,884
Previously capitalized interest amortized.. 53,114 29,728 98,601 49,011 43,216 25,600 20,500
--------- ------- -------- ------- ------- ------- -------
"Earnings" ................................ $ 310,415 136,788 504,767 342,288 298,991 137,711 125,679
========= ======= ======== ======= ======= ======= =======
FIXED CHARGES:
Interest incurred (excluding
limited-purpose financing
subsidiaries) .......................... $ 70,613 42,420 128,851 62,677 55,792 58,969 43,900
Interest component of rent expense(1) ..... 7,285 4,542 12,196 8,112 4,749 -- --
--------- ------- -------- ------- ------- ------- -------
"Fixed Charges" ........................... $ 77,898 46,962 141,047 70,789 60,541 58,969 43,900
========= ======= ======== ======= ======= ======= =======
EARNINGS TO FIXED CHARGES EXCLUDING
LIMITED-PURPOSE FINANCE SUBSIDIARIES ... 4.0 2.9 3.6 4.8 4.9 2.3 2.9
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(1) The interest component of rent expense was not material prior to 1998.