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EXHIBIT 12(a)
PULTE HOMES, INC.
RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
MARCH 31, YEARS ENDED DECEMBER 31,
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2006 2005 2005 2004 2003 2002 2001(a)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Earnings:
Income from continuing
operations before taxes ...... $ 417,544 $ 346,897 $ 2,277,014 $ 1,592,324 $ 994,008 $ 722,686 $ 493,545
Add:
Fixed Charges ................. 69,906 63,599 274,156 231,252 202,716 185,372 137,982
Amortization of Capitalized
Interest ..................... 41,169 30,544 179,585 133,049 78,708 48,697 36,006
Subtract:
Capitalized Interest .......... (56,624) (40,664) (185,792) (156,056) (136,308) (123,086) (80,399)
Distributions in excess
(less than) earnings of
affiliates ................... 864 (4,056) 10,670 (21,625) (36,186) (7,716) (13,546)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Income as adjusted ............ $ 472,859 $ 396,320 $ 2,555,633 $ 1,778,944 $ 1,102,938 $ 825,953 $ 573,588
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Fixed Charges:
Interest expensed and
capitalized .................. 63,802 58,460 250,026 212,418 186,339 169,255 125,949
Portion of rents representative
of interest factor ........... 6,104 5,139 24,130 18,834 16,377 16,117 12,033
----------- ----------- ----------- ----------- ----------- ----------- -----------
Fixed charges ................. $ 69,906 $ 63,599 $ 274,156 $ 231,252 $ 202,716 $ 185,372 $ 137,982
----------- ----------- ----------- ----------- ----------- ----------- -----------
Ratio of earnings to fixed
charges (b), (c) ............. 6.76 6.23 9.32 7.69 5.44 4.46 4.16
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Note: The ratios of earnings to fixed charges set forth above are computed on
a total enterprise basis, except for our discontinued thrift
operations, Mexico homebuilding operations, and Argentina operations,
which have been excluded. Fixed charges include interest incurred and a
portion of rent expense, which represents the estimated interest factor
and amortization of debt expense.
(a) Calculations for 2001 include the operations of Del Webb
Corporation since July 31, 2001, the date on which our merger
with Del Webb Corporation closed.
(b) In January 2005, the Company sold all of its Argentina
operations. For all periods reported, the Argentina operations
have been presented as discontinued operations.
(c) In December 2005, the Company sold substantially all of its
Mexico homebuilding operations. For all periods reported, the
Mexico homebuilding operations have been presented as
discontinued operations.