Computation of Earnings to Fixed Charges
(Dollars in thousands)

		Six months ended								Fiscal Years Ended November 30,
		May 31,
		2004				2003				2003				2002				2001				2000				1999
Earnings from continuing operations:
Pre-tax earnings from continuing operations		$	547,250				428,326				1,207,054				875,709				679,423				375,635				285,477
Adjustments to pre-tax earnings from continuing operations:
Fixed charges			79,843				82,746				161,165				157,552				156,885				142,654				73,020
Interest capitalized			(63,886	)			(65,881	)			(129,517	)			(126,762	)			(127,544	)			(117,444	)			(54,792	)
Adjustment for undistributed earnings and losses of unconsolidated 50% or less owned entities			7,531				1,950				4,670				1,107				1,423				6,928				(8,197	)
Previously capitalized interest amortized			55,442				66,468				141,347				145,567				119,503				98,601				49,011
“Earnings”		$	626,180				513,609				1,384,719				1,053,173				829,690				506,374				344,519
Fixed Charges:
Interest incurred		$	67,038				72,869				140,114				139,223				142,772				130,458				64,908
Interest component of rent expense			12,805				9,877				21,051				18,329				14,113				12,196				8,112
“Fixed Charges”		$	79,843				82,746				161,165				157,552				156,885				142,654				73,020
Earnings to Fixed Charges			7.8				6.2				8.6				6.7				5.3				3.5				4.7