EX-12 4 exhibit12-ratioofearningst.htm EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES 4Q17
EXHIBIT 12
PULTEGROUP, INC.
RATIO OF EARNINGS TO FIXED CHARGES
($000’s omitted)

|  | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes |  | $ | 938,828 |  |  | $ | 933,850 |  |  | $ | 816,023 |  |  | $ | 689,758 |  |  | $ | 527,822 |
Fixed charges |  | 198,239 |  |  | 173,753 |  |  | 130,814 |  |  | 139,422 |  |  | 162,418 |
Amortization of capitalized interest |  | 141,205 |  |  | 123,907 |  |  | 138,141 |  |  | 194,728 |  |  | 255,065 |
Capitalized interest |  | (181,719 | ) |  | (160,506 | ) |  | (120,001 | ) |  | (131,444 | ) |  | (154,107 | )
Distributions in excess (less than) earnings of affiliates |  | (2,087 | ) |  | (3,326 | ) |  | (6,185 | ) |  | (3,476 | ) |  | 767 |
Income as adjusted |  | $ | 1,094,466 |  |  | $ | 1,067,678 |  |  | $ | 958,792 |  |  | $ | 888,988 |  |  | $ | 791,965 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expensed and capitalized |  | $ | 188,071 |  |  | $ | 162,861 |  |  | $ | 121,672 |  |  | $ | 131,069 |  |  | $ | 154,819 |
Portion of rents representative of interest factor |  | 10,168 |  |  | 10,892 |  |  | 9,142 |  |  | 8,353 |  |  | 7,599 |
Fixed charges |  | $ | 198,239 |  |  | $ | 173,753 |  |  | $ | 130,814 |  |  | $ | 139,422 |  |  | $ | 162,418 |
Ratio of earnings to fixed charges |  | 5.5 |  |  | 6.1 |  |  | 7.3 |  |  | 6.4 |  |  | 4.9 |

Note: The ratios of earnings to fixed charges set forth above are computed on a consolidated basis. Fixed charges are comprised of interest incurred, which includes imputed interest associated with the guaranteed debt of our 50% or less owned affiliates, as well as a portion of rent expense, which represents the estimated interest factor and amortization of debt expense.