Attached files
| file | filename |
|---|---|
| 10-K - 10-K - KB HOME | kbh-11302015x10k.htm |
| EX-21 - SUBSIDIARIES OF REGISTRANT - KB HOME | kbh-11302015x10kexhibit21.htm |
| EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - KB HOME | kbh-11302015x10kexhibit23.htm |
| EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER SECTION 302 - KB HOME | kbh-11302015x10kexhibit312.htm |
| EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER SECTION 906 - KB HOME | kbh-11302015x10kexhibit322.htm |
| EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER SECTION 302 - KB HOME | kbh-11302015x10kexhibit311.htm |
| EX-10.47 - 2014 EQUITY INCENTIVE PLAN RESTRICTED STOCK AGREEMENT - KB HOME | kbh-1130x2015x10kexhibit10.htm |
| EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER SECTION 906 - KB HOME | kbh-11302015x10kexhibit321.htm |
EXHIBIT 12.1
KB HOME | |||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(In Thousands, Except Ratios) | |||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings | |||||||||||||||||||
Income (loss) from operations before income taxes | $ | 127,043 | $ | 94,949 | $ | 38,363 | $ | (79,053 | ) | $ | (181,168 | ) | |||||||
Add: | |||||||||||||||||||
Interest incurred | 186,885 | 171,541 | 149,101 | 132,657 | 112,037 | ||||||||||||||
Amortization of premiums and discounts related to debt | 7,738 | 7,124 | 5,347 | 3,016 | 2,150 | ||||||||||||||
Portion of rent expense considered to be interest | 4,524 | 3,917 | 3,204 | 3,096 | 3,517 | ||||||||||||||
Amortization of previously capitalized interest | 143,255 | 90,804 | 87,414 | 78,630 | 79,338 | ||||||||||||||
Distribution of earnings from unconsolidated joint ventures, net of equity in income (loss) | 11,512 | (1,063 | ) | 2,882 | 1,519 | 45,256 | |||||||||||||
Deduct: | |||||||||||||||||||
Interest capitalized | (165,029 | ) | (140,791 | ) | (86,411 | ) | (62,853 | ) | (62,833 | ) | |||||||||
Income (loss) as adjusted | $ | 315,928 | $ | 226,481 | $ | 199,900 | $ | 77,012 | $ | (1,703 | ) | ||||||||
Fixed charges | |||||||||||||||||||
Interest incurred | $ | 186,885 | $ | 171,541 | $ | 149,101 | $ | 132,657 | $ | 112,037 | |||||||||
Amortization of premiums and discounts related to debt | 7,738 | 7,124 | 5,347 | 3,016 | 2,150 | ||||||||||||||
Portion of rent expense considered to be interest | 4,524 | 3,917 | 3,204 | 3,096 | 3,517 | ||||||||||||||
Total fixed charges | $ | 199,147 | $ | 182,582 | $ | 157,652 | $ | 138,769 | $ | 117,704 | |||||||||
Ratio of earnings to fixed charges | 1.59 | x | 1.24 | x | 1.27 | x | — | — | |||||||||||
Coverage deficiency (a) | $ | — | $ | — | $ | — | $ | (61,757 | ) | $ | (119,407 | ) | |||||||
The ratios of earnings to fixed charges are computed on a consolidated basis.
(a) | Earnings for the years ended November 30, 2012 and 2011 were insufficient to cover fixed charges for the period by $61.8 million and $119.4 million, respectively. |