EXHIBIT 12.1
The Ryland Group, Inc.
Statements RE Computation of Ratios of Earnings to Fixed Charges
For the Nine Months Ended Sepetmber 30, 1999 and the Years Ended
December 31, 1998, 1997, 1996, 1995, and 1994
($'s in thousands)
Nine Months
Year ended December 31, Ended September 30,
1994 1995 1996 1997 1998 1999
-------- -------- -------- -------- -------- --------
Consolidated pretax income (loss)
from continuing operations $ 27,363 $(42,457) $ 26,397 $ 36,470 $ 75,158 $ 75,183
Share of distributed income of
50%-or-less-owned affiliates
net of equity pickup 6,242 11,082 539 1,334 2,602 (200)
Amortization of capitalized interest 16,240 12,137 17,035 21,581 20,645 13,343
Interest 117,391 108,246 90,529 74,950 63,410 39,916
Less interest capitalized
during the period (12,282) (17,543) (16,975) (17,636) (18,601) (17,870)
Net amortization of debt discount
and premium and issuance expense 2,041 94 243 84 36 31
Interest portion of rental expense 4,653 3,890 3,394 3,541 4,709 3,392
-------- -------- -------- -------- -------- --------
EARNINGS $161,648 $ 75,449 $121,162 $120,324 $147,959 $113,795
======== ======== ======== ======== ======== ========
Interest 117,254 108,246 90,529 74,950 63,410 39,916
Net amortization of debt discount
and issuance expense 2,041 94 243 84 36 31
Interest portion of rental expense 4,653 3,890 3,394 3,541 4,709 3,392
Interest expense relating to guaranteed
debt of 50%-or-less-owned affiliate 137 -- -- -- -- --
-------- -------- -------- -------- -------- --------
FIXED CHARGES $124,085 $112,230 $ 94,166 $ 78,575 $ 68,155 $ 43,339
======== ======== ======== ======== ======== ========
Ratio of Earnings to Fixed Charges 1.30 -- * 1.29 1.53 2.17 2.63
* 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.
