<PAGE> 1
Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(INCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED FISCAL YEARS ENDED NOVEMBER 30,
---------------------- --------------------------------------------------------
MAY 31, MAY 31,
2000 1999 1999 1998 1997 1996 1995
--------- -------- --------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS FROM CONTINUING OPERATIONS:
Pre-tax income from continuing operations ... $ 96,151 111,493 285,477 240,114 85,727 84,429 53,310
Adjustments to pre-tax income from continuing
operations:
Fixed charges ............................... 47,830 34,883 73,020 63,792 63,483 49,100 37,400
Interest capitalized ........................ (37,937) (26,518) (54,792) (45,930) (32,600) (23,200) (22,800)
Adjustment for undistributed earnings and
losses of unconsolidated 50% or less owned
entities ................................. 1,884 1,280 (8,197) 1,050 15 50 --
Previously capitalized interest amortized ... 29,728 21,013 49,011 43,216 25,600 20,500 17,800
--------- -------- --------- ------- ------- ------- -------
"Earnings" .................................. $ 137,656 142,151 344,519 302,242 142,225 130,879 85,710
========= ======== ========= ======= ======= ======= =======
FIXED CHARGES:
Interest incurred ........................... $ 43,288 31,185 64,908 59,043 63,483 49,100 37,400
Interest component of rent expense(1) ....... 4,542 3,698 8,112 4,749 -- -- --
--------- -------- --------- ------- ------- ------- -------
"Fixed Charges" ............................. $ 47,830 34,883 73,020 63,792 63,483 49,100 37,400
========= ======== ========= ======= ======= ======= =======
EARNINGS TO FIXED CHARGES INCLUDING
LIMITED-PURPOSE FINANCE SUBSIDIARIES ..... 2.9 4.1 4.7 4.7 2.2 2.7 2.3
</TABLE>
------------------
(1) The interest component of rent expense was not material prior to 1998.
<PAGE> 2
COMPUTATION OF EARNINGS TO FIXED CHARGES
(EXCLUDING LIMITED-PURPOSE FINANCE SUBSIDIARIES)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED FISCAL YEARS ENDED NOVEMBER 30,
---------------------- ---------------------------------------------------------
MAY 31, MAY 31,
2000 1999 1999 1998 1997 1996 1995
--------- -------- --------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS FROM CONTINUING OPERATIONS:
Pre-tax income from continuing operations ... $ 96,151 111,493 285,477 240,114 85,727 84,429 53,310
Adjustments to pre-tax income from
continuing operations:
Fixed charges ............................... 46,962 33,650 70,789 60,541 58,969 43,900 30,300
Interest capitalized ........................ (37,937) (26,518) (54,792) (45,930) (32,600) (23,200) (22,800)
Adjustment for undistributed earnings and
losses of unconsolidated 50% or less
owned entities ........................... 1,884 1,280 (8,197) 1,050 15 50 --
Previously capitalized interest amortized ... 29,728 21,013 49,011 43,216 25,600 20,500 17,800
--------- -------- --------- ------- -------- -------- --------
"Earnings" .................................. $136,788 140,918 342,288 298,991 137,711 125,679 78,610
========= ======== ========= ======= ======== ======== ========
FIXED CHARGES:
Interest incurred (excluding limited-purpose
finance subsidiaries)..................... $ 42,420 29,952 62,677 55,792 58,969 43,900 30,300
Interest component of rent expense(1) ....... 4,542 3,698 8,112 4,749 -- -- --
--------- -------- --------- ------- -------- -------- --------
"Fixed Charges" ............................. $ 46,962 33,650 70,789 60,541 58,969 43,900 30,300
========= ======== ========= ======= ======== ======== ========
EARNINGS TO FIXED CHARGES EXCLUDING
LIMITED-PURPOSE FINANCE SUBSIDIARIES ..... 2.9 4.2 4.8 4.9 2.3 2.9 2.6
</TABLE>
---------------------
(1) The interest component of rent expense was not material prior to 1998.
