EXHIBIT 12.1 D.R. HORTON, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES <Table> <Caption> For the three months ended For the fiscal years ended September 30, December 31, -------------------------------------------------------- -------------------- 1997 1998 1999 2000 2001 2000 2001 -------- -------- -------- -------- -------- -------- -------- (dollars in thousands) Consolidated pretax income before cumulative effect of change in accounting principle ....... $108,550 $159,099 $263,826 $309,224 $407,797 $ 76,361 $117,485 Amortization of capitalized interest ........... 29,323 47,995 58,153 69,566 91,401 18,172 22,300 Interest expensed .............................. 11,707 17,453 18,565 18,680 17,695 4,845 3,459 -------- -------- -------- -------- -------- -------- -------- Earnings ............................. $149,580 $224,547 $340,544 $397,470 $516,893 $ 99,378 $143,244 -------- -------- -------- -------- -------- -------- -------- Interest incurred .............................. $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $ 31,483 $ 38,975 -------- -------- -------- -------- -------- -------- -------- Fixed charges ........................ $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $ 31,483 $ 38,975 -------- -------- -------- -------- -------- -------- -------- Ratio of earnings to fixed charges ............. 2.88 3.13 4.10 3.52 3.69 3.16 3.68 ======== ======== ======== ======== ======== ======== ======== </Table>