<PAGE>

                                                                  EXHIBIT 12.1


                                D.R. HORTON, INC.
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
     AND SUPPLEMENTAL PRO FORMA COMBINED RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>

                                                                  COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                -----------------------------------------------------------------------------------
                                                                                                                For the nine months
                                                           For the fiscal years ended September 30,                ended June 30,
                                                ------------------------------------------------------------   --------------------
                                                 1997         1998         1999         2000         2001       2001         2002
                                                ------------------------------------------------------------   --------------------
                                                                                  (dollars in thousands)
<S>                                            <C>          <C>         <C>        <C>           <C>        <C>          <C>
Consolidated pretax income before cumulative
effect of change in accounting principle.....  $108,550     $159,099     $263,826     $309,224     $407,797  $268,975     $429,278

Amortization of capitalized interest.........    29,323       47,995       58,153       69,566       91,401    60,724       89,557

Interest expensed............................    11,707       17,453       18,565       18,680       17,695    12,756       12,805
                                               --------     --------     --------     --------     --------  --------     --------

            Earnings.........................  $149,580     $224,547     $340,544     $397,470     $516,893  $342,455     $531,640
                                               --------     --------     --------     --------     --------  --------     --------

Interest incurred............................  $ 51,978     $ 71,649     $ 83,090     $112,813     $139,914  $100,999     $149,177
                                               --------     --------     --------     --------     --------  --------     --------

            Fixed charges....................  $ 51,978     $ 71,649     $ 83,090     $112,813     $139,914  $100,999     $149,177
                                               --------     --------     --------     --------     --------  --------     --------

Ratio of earnings to fixed charges...........      2.88         3.13         4.10         3.52         3.69      3.39         3.56
                                               ========     ========     ========     ========     ========  =========    ========
</TABLE>

<TABLE>
<CAPTION>

                                                  COMPUTATION OF SUPPLEMENTAL
                                                     PRO FORMA COMBINED
                                                    WITH SCHULER RATIO OF
                                                   EARNINGS TO FIXED CHARGES
                                                -------------------------------
                                                   For the          For the
                                                  year ended       nine months
                                                 September 30,    ended June 30,
                                                      2001            2002
                                                --------------    --------------
                                                     (dollars in thousands)
<S>                                          <C>                <C>
Consolidated pretax income before cumulative
effect of change in accounting principle.....       $   533,699     $   482,557

Amortization of capitalized interest.........           149,761         108,670

Interest expensed............................            25,636          14,144
                                                    -----------     -----------

            Earnings.........................       $   709,096     $   605,371
                                                    -----------     -----------

Interest incurred............................       $   208,685     $   172,958
                                                    -----------     -----------

            Fixed charges....................       $   208,685     $   172,958
                                                    -----------     -----------

Ratio of earnings to fixed charges...........              3.40            3.50
                                                    ===========     ===========
</TABLE>

