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EXHIBIT 12.1
THE RYLAND GROUP, INC.
STATEMENTS RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND THE YEARS ENDED
DECEMBER 31, 1999, 1998, 1997, 1996, AND 1995
(dollars in thousands)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED JUNE 30,
1995 1996 1997 1998 1999 2000
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<S> <C> <C> <C> <C> <C> <C>
Consolidated pretax income(loss) from
continuing operations (42,457) 26,397 36,470 75,158 109,336 45,687
Share of distributed income of
50%-or-less-owned affiliates net of
equity pickup 11,082 539 1,334 2,602 (263) (253)
Amortization of capitalized interest 12,137 17,035 21,581 20,645 19,027 10,017
Interest 108,246 90,529 74,950 63,410 52,764 30,078
Less interest capitalized during the period (17,543) (16,975) (17,636) (18,601) (24,397) (17,520)
Net amortization of debt discount and
premium and issuance expense 94 243 84 36 33 -
Interest portion of rental expense 3,890 3,394 3,541 4,709 4,522 1,719
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EARNINGS 75,449 121,162 120,324 147,959 161,022 69,728
Interest 108,246 90,529 74,950 63,410 52,764 30,078
Net amortization of debt discount and
premium and issuance expense 94 243 84 36 33 -
Interest portion of rental expense 3,890 3,394 3,541 4,709 4,522 1,719
Interest expense relating to guaranteed
debt of 50%-or-less-owned affiliate - - - - - -
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Fixed Charges 112,230 94,166 78,575 68,155 57,319 31,797
Ratio of Earnings to Fixed Charges -- * 1.29 1.53 2.17 2.81 2.19
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* For the year ended December 31, 1995, the deficiency of earnings to fixed
charges totaled $37 million, primarily due to a $45 million impairment
relating to homebuilding inventories.
