Exhibit 12.1 MERITAGE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In Thousands, Except Ratio of Earnings to Fixed Charges)
Three Months Years ended December 31, ended March 31, --------------------------------------------------- ------------------ 2002 2001 2000 1999 1998 2003 2002 --------------------------------------------------- -------- -------- COMPUTATION OF EARNINGS: Earnings before income taxes and extraordinary items $113,544 $ 83,336 $ 56,762 $32,215 $30,500 $25,606 $14,043 Add: fixed charges 23,550 18,221 11,528 7,678 4,739 6,843 5,393 Add: amortization of capitalized interest 19,259 13,303 9,171 5,036 3,619 4,031 3,374 Less: interest capitalized (19,294) (16,623) (10,626) (7,025) (3,711) (5,662) (4,553) --------------------------------------------------- -------- -------- EARNINGS, AS ADJUSTED: $137,059 $ 98,237 $ 66,835 $37,904 $35,147 $30,818 $18,257 =================================================== ======== ======== COMPUTATION OF FIXED CHARGES: Interest expense, including amortization of deferred debt costs $ 525 $ 348 $ 98 $ 96 $ 490 $ 236 $ 131 Interest portion of rent expense (1) 3,731 1,250 804 557 538 945 709 Capitalized interest 19,294 16,623 10,626 7,025 3,711 5,662 4,553 --------------------------------------------------- -------- -------- TOTAL FIXED CHARGES: $ 23,550 $ 18,221 $ 11,528 $ 7,678 $ 4,739 $ 6,843 $ 5,393 =================================================== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES: 5.82x 5.39x 5.80x 4.94x 7.42x 4.50x 3.39x =================================================== ======== ========
(1) Represents 50% of rental expense