EX-12.1 4 y80797exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

		Actual Year				Actual Year				Actual Year				Actual Year				Actual year
(Dollars In Thousands)		10/09				10/08				10/07				10/06				10/05
Net (loss) income		$	(485,870	)		$	(1,124,590	)		$	(627,119	)		$	149,533			$	471,847
Add:
Federal and state income tax (benefit) provisions			36,152				(43,458	)			(19,847	)			83,573				308,738
Interest expensed			201,274				176,336				141,754				111,944				89,721
Interest expensed mortgage and financing subsidiaries			1,728				3,601				6,009				7,767				5,801
Distribution of earnings of unconsolidated joint ventures, net of income (loss) from unconsolidated joint ventures			50,134				44,061				32,221				(347	)			(6,171	)
Amortization of bond prepaid expenses			5,976				3,863				2,151				2,089				2,012
Amortization of bond discounts			1,179				821				1,084				1,039				715
Total (loss) earnings		$	(389,427	)		$	(939,366	)		$	(463,747	)		$	355,598			$	872,663
Fixed Charges:
Interest incurred		$	195,507			$	190,801				194,547				166,427				102,930
Interest incurred mortgage and financing subsidiaries			1,728				3,601				6,009				7,767				5,801
Amortization of bond prepaid expenses			5,976				3,863				2,151				2,089				2,012
Amortization of bond discounts			1,179				821				1,084				1,039				715
Total fixed charges		$	204,390			$	199,086			$	203,791			$	177,322			$	111,458
Ratio of earnings of fixed charges			(a	)			(a	)			(a	)			2.0				7.8

(a) Earnings for the years ended October 31, 2009, 2008 and 2007 were insufficient to cover fixed charges for such periods by $616.1 million, $1,138.5 million and $667.5 million, respectively.