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.