EX-12.1 4 y90186exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

     RATIO OF EARNINGS TO FIXED CHARGES

		Three Months
		Ended				Fiscal Year Ended
		January 31,				October 31,				October 31,				October 31,				October 31,				October 31,
(Dollars In thousands)		2011				2010				2009				2008				2007				2006
Net (loss) income		$	(64,142	)		$	2,588			$	(716,712	)		$	(1,124,590	)		$	(627,119	)		$	149,533
Add:
Federal and state (benefit) income tax provision			(421	)			(297,870	)			44,693				(43,458	)			(19,847	)			83,573
Interest expensed			39,148				182,359				200,469				176,336				141,754				111,944
Interest expensed mortgage and financing subsidiaries			582				1,848				1,728				3,601				6,009				7,767
Distributions of earnings of unconsolidated joint ventures, net of income (loss) from unconsolidated joint ventures			1,517				1,295				50,134				44,061				32,221				(347	)
Amortization of bond prepaid expenses			846				3,310				14,300				7,847				2,151				2,089
Amortization of bond discounts			463				1,741				1,179				821				1,084				1,039
Total (loss) earnings		$	(22,007	)		$	(104,729	)		$	(404,209	)		$	(935,382	)		$	(463,747	)		$	355,598
Fixed Charges:
Interest incurred		$	37,364			$	154,307			$	194,702			$	190,801			$	194,547			$	166,427
Interest incurred mortgage and financing subsidiaries			582				1,848				1,728				3,601				6,009				7,767
Amortization of bond prepaid expenses			846				3,310				14,300				7,847				2,151				2,089
Amortization of bond discounts			463				1,741				1,179				821				1,084				1,039
Interest included in rent expense (a)			1,801				7,914				12,206				15,036				17,014				16,170
Total fixed charges		$	41,056			$	169,120			$	224,115			$	218,106			$	220,805			$	193,492
Ratio of earnings to fixed charges			(b	)			(b	)			(b	)			(b	)			(b	)			1.8

     RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

		Three Months
		Ended				Fiscal Year Ended
		January 31,				October 31,				October 31,				October 31,				October 31,				October 31,
(Dollars In thousands)		2011				2010				2009				2008				2007				2006
Total (loss) earnings — above		$	(22,007	)		$	(104,729	)		$	(404,209	)		$	(935,382	)		$	(463,747	)		$	355,598
Total fixed charges — above		$	41,056			$	169,120			$	224,115			$	218,106			$	220,805			$	193,492
Preferred stock dividends (adjusted to pretax dollars)																			11,012				16,641
Combined fixed charges and preferred stock dividends		$	41,056			$	169,120			$	224,115			$	218,106			$	231,817			$	210,133
Ratio of earnings to combined fixed charges and preferred stock dividends			(c	)			(c	)			(c	)			(c	)			(c	)			1.7

(a)		Management has determined the interest component of rent expense to be 33%.
(b)		Earnings for the three months ended January 31, 2011 and the year ended October 31, 2010, 2009, 2008, and 2007 were insufficient to cover fixed charges for such period by $63.1 million, $273.8 million, $628.3 million, $1,153.5 million and $684.6 million, respectively.
(c)		Earnings for the three months ended January 31, 2011 and the year ended October 31, 2010, 2009, 2008, and 2007 and were insufficient to cover fixed charges and preferred stock dividends for such period by $63.1 million, $273.8 million, $628.3 million, $1,153.5 million and $695.6 million, respectively. Due to restrictions in our indentures on our senior, senior secured, and senior subordinated notes, we are currently prohibited from paying dividends on our preferred stock and did not make any dividend payments in fiscal 2011, 2010, 2009 and 2008. In fiscal 2007 and 2006, we paid $10.7 million of dividends on our preferred stock.