OAKWOOD HOMES CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED SEPTEMBER 30,
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1997 1996 1995 1994 1993
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Net income 81,913 68,255 45,318 35,655 25,715
Income taxes 51,279 42,425 27,679 21,054 15,212
Interest expense 19,817 22,370 24,897 24,409 26,760
Amortization of debt expense 784 999 1,171 1,153 999
Interest component of rent expense 4,925 3,679 2,692 1,837 1,292
Proportionate share of fixed charges
of 50% owned person
Interest expense 2,296 - - - -
Amortization of debt expense 16 - - - -
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Adjusted earnings 161,030 137,728 101,757 84,108 69,978
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FIXED CHARGES
Interest expense 19,817 22,370 24,897 24,409 26,760
Interest capitalized 54 677 221 - -
Amortization of debt expense 784 999 1,171 1,153 999
Interest component of rent expense 4,925 3,679 2,692 1,837 1,292
Proportionate share of fixed charges
of 50% owned person
Interest expense 2,296 - - - -
Amortization of debt expense 16 - - - -
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Total fixed charges 27,892 27,725 28,981 27,399 29,051
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Ratio of earnings to fixed charges 5.77 4.97 3.51 3.07 2.41
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QUARTER ENDED DECEMBER 31,
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1997 1996
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Net income 17,802 15,193
Income taxes 10,911 9,713
Interest expense 4,626 4,321
Amortization of debt expense 84 210
Interest component of rent expense 1,540 1,052
Proportionate share of fixed charges
of 50% owned person
Interest expense 1,345 205
Amortization of debt expense 12 -
---------------- ----------------
Adjusted earnings 36,320 30,694
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FIXED CHARGES
Interest expense 4,626 4,321
Interest capitalized 1 54
Amortization of debt expense 84 210
Interest component of rent expense 1,540 1,052
Proportionate share of fixed charges
of 50% owned person
Interest expense 1,345 205
Amortization of debt expense 12 -
---------------- ----------------
Total fixed charges 7,608 5,842
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Ratio of earnings to fixed charges 4.77 5.25
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