EXHIBIT 12.1
MERITAGE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS, EXCEPT RATIO OF EARNINGS TO FIXED CHARGES)
<Table>
<Caption>
Years ended December 31,
2001 2000 1999 1998 1997
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Computation of Earnings:
Earnings before income taxes and extraordinary items 83,336 56,762 32,215 30,500 15,199
Add:
Interest expense, including amortization of
deferred debt costs 348 98 96 490 165
Interest portion of rent expense(1) 1,250 804 557 538 593
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Earnings, as adjusted 84,934 57,664 32,868 31,528 15,957
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Computation of Fixed Charges:
Interest expense, including amortization of
deferred debt costs 348 98 96 490 165
Interest portion of rent expense(1) 1,250 804 557 538 593
Capitalized interest 16,623 10,626 7,025 3,711 3,679
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Total Fixed Charges 18,221 11,528 7,678 4,739 4,437
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Ratio of Earnings to Fixed Charges:
Earnings 84,934 57,664 32,868 31,528 15,957
Fixed charges 18,221 11,528 7,678 4,739 4,437
Ratio 4.66 5.00 4.28 6.65 3.60
Ratio of Earnings to Combined Fixed Charges and
and Preferred Stock Dividends:
Earnings 84,934 57,664 32,868 31,528 15,957
Fixed charges 18,221 11,528 7,678 4,739 4,437
Preferred stock dividends -- -- -- -- --
Ratio 4.66 5.00 4.28 6.65 3.60
</Table>
(1) represents 50% of rental expense