PULTEGROUP INC/MI/ - FORM 10-K - EX-12 - RATIO OF EARNINGS TO FIXED CHARGES AT DECEMBER 31, 2009 - February 18, 2010

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10-K - FORM 10-K - PULTEGROUP INC/MI/d10k.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - PULTEGROUP INC/MI/dex21.htm
EX-32 - CERTIFICATION PURSUANT TO 18 UNITED STATES CODE 1350 - PULTEGROUP INC/MI/dex32.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - PULTEGROUP INC/MI/dex23.htm
EX-31.(B) - CERTIFICATION BY ROGER A. CREGG, EXECUTIVE VP AND CFO - PULTEGROUP INC/MI/dex31b.htm
EX-10.(AL) - DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS - PULTEGROUP INC/MI/dex10al.htm
EX-31.(A) - CERTIFICATION BY RICHARD J. DUGAS, JR., CHAIRMAN, PRESIDENT AND CEO - PULTEGROUP INC/MI/dex31a.htm

EXHIBIT 12

PULTE HOMES, INC.

RATIO OF EARNINGS TO FIXED CHARGES

($000’s omitted)

 

     Years Ended December 31,  
     2009     2008     2007     2006     2005  

Earnings:

           

Income (loss) from continuing operations before income taxes

    $ (1,975,119 )    $ (1,682,599 )    $ (2,496,903 )    $     1,082,728      $ 2,277,014   

Add:

           

Fixed charges

      261,303              255,621              295,130        316,596        274,156   

Amortization of capitalized interest

            165,355        210,709        314,998        255,688        179,585   

Subtract:

           

Capitalized interest

      (234,700 )      (220,131 )      (240,000 )      (261,486 )      (185,792 ) 

Distributions in excess (less than) earnings of affiliates

      31,195        14,580        39,038        4,814        10,670   
                                        

Income as adjusted

    $ (1,751,966 )    $ (1,421,820 )    $ (2,087,737 )    $ 1,398,340      $     2,555,633   
                                        

Fixed Charges:

           

Interest expensed and capitalized

    $ 244,618      $ 229,157      $ 260,348      $ 290,282      $ 250,026   

Portion of rents representative of interest factor

      16,079        23,810        23,336        25,889        24,130   

Interest expense related to guaranteed debt of 50% or less owned affiliated (a)

      606        2,654        11,446        425        -   
                                        

Fixed Charges

    $ 261,303      $ 255,621      $ 295,130      $ 316,596      $ 274,156   
                                        

Ratio of earnings to fixed charges (b)

      -        -        -        4.42        9.32   
                                        

 

  Note: The ratios of earnings to fixed charges set forth above are computed on a total enterprise basis, except for our discontinued thrift operations, Mexico homebuilding operations, and Argentina operations, which have been excluded. Fixed charges is comprised of interest incurred, which includes imputed interest associated with the guaranteed debt of our 50% or less owned affiliates, as well as a portion of rent expense, which represents the estimated interest factor and amortization of debt expense.

 

  (a) Includes imputed interest related to certain guaranteed joint venture debt for which we have made or expect to make cash expenditures.

 

  (b) Earnings for years ended December 31, 2009, 2008, and 2007 were inadequate to cover fixed charges. Additional earnings of $2.0 billion, $1.7 billion and $2.4 billion, respectively, would have been necessary to bring the ratio to 1.0.

 

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