Exhibit 12.1
Champion Enterprises, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
<Table>
<Caption>
Fiscal Year Three-Months Ended
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1997 1998 1999 2000 2001 2002 2001
-------- -------- -------- -------- -------- -------- --------
Pretax income from continuing operations 117,371 156,798 82,042 (220,332) (41,288) (18,546) (41,183)
Add back equity method losses 57 1,972 1,946 637 504
-------- -------- -------- -------- -------- -------- --------
Adjusted pretax income 117,371 156,798 82,099 (218,360) (39,342) (17,909) (40,679)
-------- -------- -------- -------- -------- -------- --------
ADD: FIXED CHARGES
Interest expense
Per financial statement 1,198 15,833 28,370 29,824 25,345 5,435 7,005
Rental component 100 2,100 3,833 5,433 4,767 1,033 1,567
Financing costs 832 1,380 2,082 2,692 490 663
Pretax income required to pay
dividends on preferred stock 813 407 --
-------- -------- -------- -------- -------- -------- --------
Total fixed charges 1,298 18,765 33,583 37,339 33,617 7,365 9,235
-------- -------- -------- -------- -------- -------- --------
SUBTRACT
Pretax income required to pay
dividends on preferred stock (813) (407) --
-------- -------- -------- -------- -------- -------- --------
Earnings 118,669 175,563 115,682 (181,021) (6,538) (11,588) (31,948)
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Ratio of earnings to fixed charges 91.4 9.4 3.4 (A) (A) (A) (A)
======== ======== ======== ======== ======== ======== ========
Amount of earnings deficiency from
ratio of 1 to 1 218,360 40,155 18,953 41,183
</Table>
(A) Ratio is less than 1 to 1