Exhibit 12
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Ratio of Earnings to Fixed Charges
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Earnings: 1996 1997 1998 1999 2000
Income before income taxes and
extraordinary (loss) and
change in accounting $ 85,793 $107,646 $134,293 $162,750 $ 230,966
Homebuilding
Interest expense 24,646 29,746 36,052 40,378 46,777
Rent expense 151 193 293 425 639
Amortization 705 667 610 618 635
Collateralized mortgage financing:
Interest expense 300 233 184 119 39
$ 111,595 $ 138,485 $171,432 $204,290 $279,056
Fixed charges:
Homebuilding:
Interest incurred: $ 27,695 $ 35,242 $ 38,331 $ 51,396 $ 60,236
Rent expense 151 193 293 425 639
Amortization 705 667 610 618 635
Collateralized mortgage financing:
Interest incurred 300 233 184 119 39
$ 28,851 $ 36,335 $ 39,418 $ 52,558 $ 61,549
3.87 3.81 4.35 3.89 4.53
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Ratio, including collateralized mortgage financing (1)
(1) For purposes of computing the ratio of earnings to fixed charges,
earnings consist of income before income taxes, extraordinary loss and change
in accounting plus interest expense and fixed charges except interest
incurred. Fixed charges consist of interest incurred (whether expensed or
capitalized), the portion of rent expense that is representative of the
interest factor, and amortization of debt discount and issuance costs.
