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EXHIBIT 12(a)
PULTE HOMES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, Six Months Ended June 30,
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1998 1999 2000 2001 2002 2002 2003
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Earnings:
Income from continuing operations before taxes $ 165,814 $ 286,405 $ 355,096 $ 491,787 $ 728,822 $ 260,756 $ 335,992
Add:
Fixed Charges 59,544 66,851 78,599 137,982 185,372 89,007 98,764
Amortization of Capitalized Interest 20,164 25,187 28,019 36,006 48,697 19,890 28,512
Subtract:
Capitalized Interest (21,801) (27,923) (33,129) (80,399) (123,086) (58,742) (66,495)
Earnings of 50% or less owned affiliates (2,025) (8,967) (9,628) (13,546) (12,418) (6,929) (13,135)
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Income as adjusted $ 221,696 $ 341,553 $ 418,957 $ 571,830 $ 827,387 $ 303,982 $ 383,638
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Fixed Charges:
Interest expensed and capitalized 52,754 59,551 70,227 125,949 169,255 81,124 90,634
Portion of rents representative of interest factor 6,790 7,300 8,372 12,033 16,117 7,883 8,130
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Fixed charges $ 59,544 $ 66,851 $ 78,599 $ 137,982 $ 185,372 $ 89,007 $ 98,764
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Ratio of earnings to fixed charges 3.72 5.11 5.33 4.14 4.46 3.42 3.88
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