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 4,295 3,679 2,692 1,837
Proportionate share of fixed charges of 50% owned person
Interest expense ......................................... 4,884 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 $ 28,891 $ 27,399
========= ========= ========= ========= ========
Ratio of earnings to fixed charges ......................... 3.39 5.77 4.97 3.51 3.07
========== ========== ========== ========== =========
QUARTER ENDED DECEMBER 31,
---------------------------
1998 1997
------------- -------------
Net income ................................................. $ 11,459 $ 17,802
Income taxes ............................................... 7,326 10,911
Interest expense ........................................... 8,129 4,626
Amortization of debt expense ............................... 282 84
Interest component of rent expense ......................... 2,016 1,540
Proportionate share of fixed charges of 50% owned person
Interest expense ......................................... -- 1,345
Amortization of debt expense ............................. -- 12
--------- ---------
Adjusted earnings .......................................... $ 29,212 $ 36,320
========= =========
FIXED CHARGES
Interest expense ........................................... $ 8,129 $ 4,626
Interest capitalized ....................................... 1 1
Amortization of debt expense ............................... 282 84
Interest component of rent expense ......................... 2,016 1,540
Proportionate share of fixed charges of 50% owned person
Interest expense ......................................... -- 1,345
Amortization of debt expense ............................. -- 12
--------- ---------
Total fixed charges ........................................ $ 10,428 $ 7,608
========= =========
Ratio of earnings to fixed charges ......................... 2.80 4.77
========== ==========
PRO FORMA (1)
---------------------------
YEAR ENDED QUARTER ENDED
SEPTEMBER 30, DECEMBER 31,
1998 1998
------------- -------------
Adjusted earnings, as above ................................ 127,533 29,212
========= ==========
Total fixed charges, as above .............................. 37,609 10,428
Adjustments:
Estimated net increase in interest expense and
amortization of debt expense from issuance
of senior notes ........................................ 9,909 1,626
--------- ---------
Total pro forma fixed charges .............................. 47,518 12,054
========= =========
Pro forma ratio of earnings to fixed charges................ 2.68 2.42
========= =========
(1) The pro forma ratio of earnings to fixed charges for the fiscal year ended
September 30, 1998 and the three months ended December 31, 1998 assumes an
offering of $300.0 million of Notes.