EXHIBIT 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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PRO FORMA PRO FORMA
COMBINED COMBINED
WITH SCHULER WITH SCHULER
FOR THE FOR THE SIX
FISCAL FOR THE SIX MONTHS MONTHS
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, YEAR ENDED ENDED MARCH 31, ENDED
---------------------------------------------------- SEPTEMBER 30, ------------------- MARCH 31,
1997 1998 1999 2000 2001 2001 2001 2002 2002
-------- -------- -------- -------- -------- ------------- -------- -------- ------------
(DOLLARS IN THOUSANDS)
Consolidated pre-
tax income before
cumulative effect
of change in
accounting principle .... $108,550 $159,099 $263,826 $309,224 $407,797 $539,193 $158,890 $259,775 $313,429
Amortization of
capitalized interest .... 29,323 47,995 58,153 69,566 91,401 149,761 36,712 51,746 71,010
Interest expensed ......... 11,707 17,453 18,565 18,680 17,695 25,636 8,177 7,975 9,314
-------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings ................ $149,580 $224,547 $340,544 $397,470 $516,893 $714,590 $203,779 $319,496 $393,753
-------- -------- -------- -------- -------- -------- -------- -------- --------
Interest incurred ......... 51,978 71,649 83,090 112,813 139,914 208,685 64,376 87,463 110,667
-------- -------- -------- -------- -------- -------- -------- -------- --------
Fixed charges ........... $ 51,978 $ 71,649 $ 83,090 $112,813 $139,914 $208,685 $ 64,376 $ 87,463 $110,667
-------- -------- -------- -------- -------- -------- -------- -------- --------
Ratio of earnings
to fixed charges ........ 2.88 3.13 4.10 3.52 3.69 3.42 3.17 3.65 3.56
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