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EXHIBIT 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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For the fiscal years For the six months
ended September 30, ended March 31,
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1995 1996 1997 1998 1999 1999 2000
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($'s in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Consolidated pretax income from
continuing operations............... $58,022 $89,814 $108,550 $159,099 $263,826 $108,915 $132,204
Amortization of capitalized interest 18,734 25,670 29,323 47,995 58,153 25,856 28,593
Interest expensed................... 9,551 10,006 11,707 17,453 18,565 7,555 8,942
Earnings................... $86,307 $125,490 $149,580 $224,547 $340,544 $142,326 $169,739
Interest incurred................... $34,500 $39,807 $51,978 $71,649 $83,090 $34,847 $51,158
Fixed charges.............. $34,500 $39,807 $51,978 $71,649 $83,090 $34,847 $51,158
Ratio of earnings to fixed charges.. 2.50 3.15 2.88 3.13 4.10 4.08 3.32
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