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
-----------------------------
(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
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" ................................... $ 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
-----------------------
(1) The interest component of rent expense was not material prior to 1998.