EX-12.1 3 d233849dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

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Computation of Ratios of Earnings to Fixed Charges

(In thousands, except ratios)

 

     Six Months
Ended May 31,		     Years Ended November 30,  
     2011     2010     2009     2008     2007     2006  

EARNINGS

             

Income (loss) from continuing operations before income taxes (a)

    $ (182,930 )    $ (76,368 )    $ (311,184 )    $ (967,931 )    $ (1,460,770 )    $ 571,847   

Add:

             

Interest incurred

      55,399        122,230        119,602        156,402        199,550        237,801   

Amortization of premiums and discounts related to debt

      1,108        2,149        1,586        2,062        2,478        2,441   

Portion of rent expense considered to be interest

      1,771        4,658        7,507        16,503        28,464        27,657   

Amortization of previously capitalized interest

      31,013        95,236        138,179        129,901        171,496        143,249   

Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss)

      61,729        19,638        43,262        157,393        171,576        15,164   

Deduct:

             

Interest Capitalized

      (30,839 )      (53,923 )      (67,839 )      (143,436 )      (186,560 )      (221,074 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) as adjusted

    $ (62,749 )    $ 113,620      $ (68,887 )    $ (649,106 )    $ (1,073,766 )    $ 777,085   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES

             

Interest incurred

    $ 55,399      $ 122,230      $ 119,602      $ 156,402      $ 199,550      $ 237,801   

Amortization of premiums and discounts related to debt

      1,108        2,149        1,586        2,062        2,478        2,441   

Portion of rent expense considered to be interest

      1,771        4,658        7,507        16,503        28,464        27,657   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 58,278      $ 129,037      $ 128,695      $ 174,967      $ 230,492      $ 267,899   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      —          —          —          —          —          2.90   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency (b)

    $ (121,027 )    $ (15,417 )    $ (197,582 )    $ (824,073 )    $ (1,304,258 )    $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) The ratio of earnings to fixed charges are computed on a consolidated basis excluding the French discontinued operations for the years ended November 30, 2007 and 2006.
(b) Earnings for the years ended November 30, 2007, 2008, 2009 and 2010 were insufficient to cover fixed charges for the respective period by $1.30 billion, $824.1 million, $197.6 million and $15.4 million, and earnings for the six months ended May 31, 2011 were insufficient to cover fixed charges for the period by $121.0 million.