Exhibit 12.1
OAKWOOD HOMES CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(IN 000'S)
Year ended September 30,
------------------------------------------------
1998 1997 1996 1995 1994
-------- ------- -------- -------- ---------
Net income 55,353 81,913 68,255 45,318 35,655
Income taxes 34,737 51,279 42,425 27,679 21,054
Interest expense 24,549 19,817 22,370 24,897 24,409
Amortization of debt expense 829 784 999 1,171 1,153
Interest component of rent expense 6,957 4,925 3,679 2,692 1,837
Proportionate share of fixed charges
of 50% owned person
Interest expense 4,984 2,296 - - -
Amortization of debt expense 124 16 - - -
------- ------- ------- ------- -------
Adjusted earnings 127,533 161,030 137,728 101,757 84,108
======= ======= ======= ======= =======
FIXED CHARGES
Interest expense 24,549 19,817 22,370 24,897 24,409
Interest capitalized 166 54 677 221 -
Amortization of debt expense 829 784 999 1,171 1,153
Interest component of rent expense 6,957 4,925 3,679 2,692 1,837
Proportionate share of fixed charges
of 50% owned person
Interest expense 4,984 2,296 - - -
Amortization of debt expense 124 16 - - -
------- ------- ------- ------- -------
Total fixed charges 37,609 27,892 27,725 28,981 27,399
======= ======= ======= ======= =======
Ratio of earnings to fixed charges 3.39 5.77 4.97 3.51 3.07
======= ======= ======= ======= =======