EXHIBIT 12.1


      STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


      We compute earnings by adding fixed charges (except capitalized interest)
and amortization of previously capitalized interest to pretax earnings
(excluding undistributed earnings of unconsolidated joint ventures). We compute
fixed charges by adding interest expense and capitalized interest and the
portion of rental expense we consider to be interest. Beginning July 7, 1998,
our fixed charges have also included distributions on mandatorily redeemable
preferred securities. On August 16, 2001, all of the mandatorily redeemable
preferred securities were retired. No preferred stock was outstanding during any
of the periods presented in the above table.

      In computing the ratios appearing above, we exclude from our interest
expense interest incurred by our wholly owned limited purpose financing
subsidiaries on their outstanding collateralized mortgage obligations. If we
included interest on those collateralized mortgage obligations, the ratio of
earnings to fixed charges for the three months ended February 29, 2004 and
February 28, 2003 and the years ended November 30, 2003, 2002, 2001, 2000 and
1999 would have been 3.85x, 3.04x, 4.81x, 4.82x, 3.27x, 2.96x and 2.84x
respectively.

      The amount of earnings we used in the calculation of the ratio of earnings
to fixed charges for the year ended November 30, 1999 reflects an $18.2 million
pretax secondary market trading loss we recorded in the third quarter of fiscal
1999. If we excluded the secondary market trading loss, the ratio of earnings to
fixed charges would have been 3.08x for the year ended November 30, 1999. If we
excluded the secondary market trading loss but included interest on the
collateralized mortgage obligations of our limited purpose financing
subsidiaries, the ratio of earnings to fixed charges would have been 2.99x for
the year ended November 30, 1999.

      The amount of earnings used in the calculation of the ratio of earnings to
fixed charges for the year ended November 30, 2000 includes a $39.6 million gain
on the issuance in France of common stock by Kaufman & Broad S.A., a majority
owned subsidiary, recorded in the first quarter of fiscal 2000. We sometimes
refer to this stock issuance as the "French IPO". If the French IPO gain were
excluded, the ratio of earnings to fixed charges would have been 2.71x for the
year ended November 30, 2000. If we excluded the French IPO gain but included
interest on the collateralized mortgage obligations of our limited purpose
financing subsidiaries, the ratio of earnings to fixed charges would have been
2.68x for the year ended November 30, 2000.