Attached files
file | filename |
---|---|
EX-24 - EXHIBIT 24 POWER OF ATTORNEY 4Q17 - PULTEGROUP INC/MI/ | exhibit24-powerofattorney1.htm |
EX-32 - EXHIBIT 32 - CERTIFICATION 4Q17 - PULTEGROUP INC/MI/ | exhibit32-certification123.htm |
EX-31.B - EXHIBIT 31.B CFO CERTIFICATION 4Q17 - PULTEGROUP INC/MI/ | exhibit31bcfocertification.htm |
EX-31.A - EXHIBIT 31.A CEO CERTIFICATION 4Q17 - PULTEGROUP INC/MI/ | exhibit31aceocertification.htm |
EX-23 - EXHIBIT 23 - PULTEGROUP INC/MI/ | exhibit23-consent123117.htm |
EX-21 - EXHIBIT 21 CONSENT 4Q17 - PULTEGROUP INC/MI/ | exhibit21-subsidiarylistin.htm |
EX-10.U - EXHIBIT 10.U AMENDED RETIREMENT POLICY - PULTEGROUP INC/MI/ | exhibit10u-amendedpulteret.htm |
EX-10.K - EXHIBIT 10.K AMENDED RSU AGREEMENT - PULTEGROUP INC/MI/ | exhibit10l-amendedrsuagree.htm |
10-K - 10-K 2017 - PULTEGROUP INC/MI/ | a201710-k.htm |
EXHIBIT 12
PULTEGROUP, INC.
RATIO OF EARNINGS TO FIXED CHARGES
($000’s omitted)
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 938,828 | $ | 933,850 | $ | 816,023 | $ | 689,758 | $ | 527,822 | ||||||||||
Fixed charges | 198,239 | 173,753 | 130,814 | 139,422 | 162,418 | |||||||||||||||
Amortization of capitalized interest | 141,205 | 123,907 | 138,141 | 194,728 | 255,065 | |||||||||||||||
Capitalized interest | (181,719 | ) | (160,506 | ) | (120,001 | ) | (131,444 | ) | (154,107 | ) | ||||||||||
Distributions in excess (less than) earnings of affiliates | (2,087 | ) | (3,326 | ) | (6,185 | ) | (3,476 | ) | 767 | |||||||||||
Income as adjusted | $ | 1,094,466 | $ | 1,067,678 | $ | 958,792 | $ | 888,988 | $ | 791,965 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 188,071 | $ | 162,861 | $ | 121,672 | $ | 131,069 | $ | 154,819 | ||||||||||
Portion of rents representative of interest factor | 10,168 | 10,892 | 9,142 | 8,353 | 7,599 | |||||||||||||||
Fixed charges | $ | 198,239 | $ | 173,753 | $ | 130,814 | $ | 139,422 | $ | 162,418 | ||||||||||
Ratio of earnings to fixed charges | 5.5 | 6.1 | 7.3 | 6.4 | 4.9 |
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.