EX-12.1 3 d447932dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

M/I Homes, Inc.

Statement of Computation of Ratio of Earnings to Fixed Charges

 

     Six Months Ended
June 30,		     Fiscal Year Ended December 31  

(Dollars in thousands)

    2017     2016     2016     2015     2014     2013     2012  

Earnings:

               

Income (loss) from continuing operations before income taxes

    $ 51,520     $ 39,665     $ 91,785     $ 86,929     $ 69,736     $ 41,335     $ 12,759  

Add:

               

Loss (income) of unconsolidated joint ventures

      (127 )      (389 )      (640 )      (498 )      (347 )      (322 )      12  

Fixed charges from below

      19,694       19,015       37,861       38,068       33,157       30,985       27,389  

Interest amortized to cost of sales

      8,609       8,175       18,413       16,966       16,443       15,175       13,468  

Less:

               

Interest capitalized

      (9,062 )      (8,253 )      (17,685 )      (18,410 )      (17,937 )      (13,601 )      (9,975 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total (loss) earnings (a)

    $ 70,634     $ 58,213     $ 129,734     $ 123,055     $ 101,052     $ 73,572     $ 43,653  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

               

Interest incurred (a)

    $ 16,522     $ 16,125     $ 31,881     $ 32,625     $ 28,181     $ 26,201     $ 23,462  

Amortization of debt costs

      1,712       1,701       3,402       3,306       3,121       3,338       2,584  

Rental expense interest factor

      1,460       1,189       2,578       2,137       1,855       1,446       1,343  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 19,694     $ 19,015     $ 37,861     $ 38,068     $ 33,157     $ 30,985     $ 27,389  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      3.59       3.06       3.43       3.23       3.05       2.37       1.59  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency

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(a) The Company records interest accrued on certain tax positions in income tax (benefit) provision. Interest included in “fixed charges” is only interest on third party indebtedness, and interest expense accrued on uncertain tax positions is excluded from the calculation of “earnings.”

The ratio of earnings to fixed charges is determined by dividing earnings by fixed charges. Earnings consists of income (loss) from continuing operations before income taxes, loss (income) of unconsolidated joint ventures, fixed charges and interest amortized to cost of sales, excluding capitalized interest. Fixed charges consists of interest incurred, amortization of debt costs and that portion of operating lease rental expense (33%) deemed to be representative of interest.