Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - HORTON D R INC /DE/ | Financial_Report.xls |
| 10-Q - FORM 10-Q - HORTON D R INC /DE/ | d78711e10vq.htm |
| EX-32.1 - EX-32.1 - HORTON D R INC /DE/ | d78711exv32w1.htm |
| EX-31.1 - EX-31.1 - HORTON D R INC /DE/ | d78711exv31w1.htm |
| EX-31.2 - EX-31.2 - HORTON D R INC /DE/ | d78711exv31w2.htm |
| EX-32.2 - EX-32.2 - HORTON D R INC /DE/ | d78711exv32w2.htm |
Exhibit 12.1
D.R. HORTON, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months | ||||||||||||||||||||||||
| Ended | For the Fiscal Year Ended September 30, | |||||||||||||||||||||||
| December 31, 2010 | 2010 | 2009 (1) | 2008 | 2007 | 2006 | |||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||
Consolidated income (loss) before income taxes |
$ | (19.9 | ) | $ | 99.5 | $ | (556.8 | ) | $ | (2,631.8 | ) | $ | (951.2 | ) | $ | 1,987.1 | ||||||||
Noncontrolling interests in income before income taxes of
subsidiaries which have incurred fixed charges |
— | — | — | — | 2.6 | 2.6 | ||||||||||||||||||
Noncontrolling interests in losses before income taxes
of majority owned subsidiaries which have
incurred losses |
— | (0.2 | ) | (3.1 | ) | (0.6 | ) | — | — | |||||||||||||||
Amortization of capitalized interest |
21.2 | 124.2 | 136.6 | 375.8 | 254.5 | 237.1 | ||||||||||||||||||
Interest expensed |
17.9 | 94.4 | 110.3 | 56.6 | 52.6 | 72.1 | ||||||||||||||||||
Earnings (loss) |
$ | 19.2 | $ | 317.9 | $ | (313.0 | ) | $ | (2,200.0 | ) | $ | (641.5 | ) | $ | 2,298.9 | |||||||||
Interest incurred |
$ | 37.0 | $ | 181.3 | $ | 215.1 | $ | 254.3 | $ | 356.9 | $ | 397.5 | ||||||||||||
Fixed charges |
$ | 37.0 | $ | 181.3 | $ | 215.1 | $ | 254.3 | $ | 356.9 | $ | 397.5 | ||||||||||||
Ratio of earnings to fixed charges |
0.52 | 1.75 | — | — | — | 5.78 | ||||||||||||||||||
Coverage deficiency |
$ | 528.1 | $ | 2,454.3 | $ | 998.4 | ||||||||||||||||||
Interest expensed and interest incurred include losses on early retirement of debt of $12.1 million
and $17.9 million in fiscal 2007 and 2006, respectively.
| (1) | On October 1, 2009, the Company adopted the FASB’s authoritative guidance for accounting for debt with conversion options, which specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. As a result, fiscal 2009 interest expense and interest incurred were increased by $4.5 million and $8.2 million, respectively, due to the retrospective application of the change in accounting for the Company’s 2% convertible senior notes issued in May 2009. |