Attached files
| file | filename |
|---|---|
| EX-23 - EXHIBIT 23 - CONSENT - PULTEGROUP INC/MI/ | exhibit23-consent123115.htm |
| EX-24 - EXHIBIT 24 - POWER OF ATTORNEY - PULTEGROUP INC/MI/ | exhibit24-powerofattorney.htm |
| EX-31.A - EXHIBIT 31.A - CEO CERTIFICATION - PULTEGROUP INC/MI/ | exhibit31aceocertification.htm |
| EX-21 - EXHIBIT 21 - SUBSIDIARY LISTING - PULTEGROUP INC/MI/ | exhibit21-subsidiarylistin.htm |
| EX-32 - EXHIBIT 32 - CERTIFICATION - PULTEGROUP INC/MI/ | exhibit32-certification123.htm |
| 10-K - 10-K PHM 2015 - PULTEGROUP INC/MI/ | a201510-k.htm |
| EX-31.B - EXHIBIT 31.B - CFO CERTIFICATION - PULTEGROUP INC/MI/ | exhibit31bcfocertification.htm |
EXHIBIT 12
PULTEGROUP, INC.
RATIO OF EARNINGS TO FIXED CHARGES
($000’s omitted)
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 816,023 | $ | 689,758 | $ | 527,822 | $ | 183,554 | $ | (310,300 | ) | |||||||||
Fixed charges | 130,814 | 139,422 | 162,418 | 210,394 | 231,208 | |||||||||||||||
Amortization of capitalized interest | 138,141 | 194,728 | 255,065 | 224,291 | 189,382 | |||||||||||||||
Capitalized interest | (120,001 | ) | (131,444 | ) | (154,107 | ) | (201,103 | ) | (221,071 | ) | ||||||||||
Distributions in excess (less than) earnings of affiliates | (6,185 | ) | (3,476 | ) | 767 | 3,324 | 3,628 | |||||||||||||
Income as adjusted | $ | 958,792 | $ | 888,988 | $ | 791,965 | $ | 420,460 | $ | (107,153 | ) | |||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 121,672 | $ | 131,069 | $ | 154,819 | $ | 202,395 | $ | 222,383 | ||||||||||
Portion of rents representative of interest factor | 9,142 | 8,353 | 7,599 | 7,999 | 8,825 | |||||||||||||||
Fixed charges | $ | 130,814 | $ | 139,422 | $ | 162,418 | $ | 210,394 | $ | 231,208 | ||||||||||
Ratio of earnings to fixed charges (a) | 7.3 | 6.4 | 4.9 | 2.0 | — | |||||||||||||||
Note: The ratios of earnings to fixed charges set forth above are computed on a consolidated basis. Fixed charges are 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) | Earnings for year ended December 31, 2011 was inadequate to cover fixed charges. Additional earnings of $338.4 million would have been necessary to bring the ratio to 1.0. |