Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands) |
| Six 2005 |
| Six 2004 |
| Years Ended October 31, |
| ||||||||
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| |||||
Net Income (Loss) |
| 187,618 |
| 348,681 |
| 257,380 |
| 137,696 |
| 63,686 |
| 33,163 |
| 30,075 |
|
Add: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal and State Income Taxes |
| 118,815 |
| 201,091 |
| 154,138 |
| 88,034 |
| 42,668 |
| 18,655 |
| 19,206 |
|
Interest Expensed Res & Comm |
| 36,925 |
| 75,042 |
| 63,658 |
| 60,371 |
| 51,446 |
| 34,956 |
| 31,570 |
|
Interest Expensed Mortgage & Financing Subsidiaries |
| 2,412 |
| 2,765 |
| 2,487 |
| 2,337 |
| 3,180 |
| 2,491 |
| 3,240 |
|
Amortization of Bond Prepaid Expenses |
| 709 |
| 10,999 |
| 2,978 |
| 2,119 |
| 976 |
| 670 |
| 1,885 |
|
Amoritization of Bond Discount |
| 309 |
| 571 |
| 514 |
| 441 |
| 367 |
| 30 |
| — |
|
|
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|
|
|
Total Earnings |
| 346,788 |
| 639,150 |
| 481,155 |
| 290,998 |
| 162,323 |
| 89,965 |
| 85,976 |
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|
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Fixed Charges: |
|
|
|
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|
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|
|
|
|
Interest Incurred Res & Comm |
| 43,948 |
| 87,674 |
| 66,332 |
| 57,406 |
| 47,272 |
| 38,878 |
| 24,594 |
|
Interest Incurred Mortgage & Financing Subsidiaries |
| 2,412 |
| 2,765 |
| 2,487 |
| 2,337 |
| 3,180 |
| 2,491 |
| 3,240 |
|
Amortization of Bond Prepaid Expenses |
| 709 |
| 10,999 |
| 2,978 |
| 2,119 |
| 976 |
| 670 |
| 1,885 |
|
Amortization of Bond Discount |
| 309 |
| 571 |
| 514 |
| 441 |
| 367 |
| 30 |
| — |
|
|
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|
|
|
|
Total Fixed Charges |
| 47,378 |
| 102,010 |
| 72,311 |
| 62,303 |
| 51,795 |
| 42,069 |
| 29,719 |
|
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Ratio |
| 7.3 |
| 6.3 |
| 6.7 |
| 4.7 |
| 3.1 |
| 2.1 |
| 2.9 |
|