EXHIBIT 12.1

Meritage Homes Corporation

Calculation of Ratio of Earnings to Total Fixed Charges

 

     Qtr. Ended
March 31,

2010
    Year Ended December 31,  
       2009     2008     2007     2006     2005  

Income/(Loss) from continuing operations before income taxes and minority interest

   $ 2,781      $ (154,799   $ (275,966   $ (456,482   $ 364,009      $ 416,225   

Income/(Loss) from equity method investees

     (803     (4,013     17,038        40,229        (20,364     (18,337
                                                
     1,978        (158,812     (258,928     (416,253     343,645        397,888   

Add/(deduct):

            

+ Fixed Charges

     11,063        50,123        53,526        67,109        56,730        46,934   

+ Amortization of capitalized interest

     3,256        25,951        37,233        47,051        42,986        38,796   

+ Distributed income of equity method investees

     1,340        8,286        10,049        15,929        17,126        16,140   

- Interest capitalized

     (2,146     (10,359     (25,606     (55,431     (52,063     (43,034
                                                

Earnings available for fixed charges

   $ 15,491      $ (84,811   $ (183,726   $ (341,595   $ 408,424      $ 456,724   

Fixed Charges:

            

Interest and other financial charges expensed and capitalized

     10,441        46,890        49,259        62,176        52,063        43,034   

Interest factor attributed to rentals (a)

     622        3,233        4,267        4,933        4,667        3,900   
                                                

Total Fixed Charges

   $ 11,063      $ 50,123      $ 53,526      $ 67,109      $ 56,730      $ 46,934   

Ratio of earnings to fixed charges

     1.4        (b     (b     (b     7.2        9.7   

 

(a) The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by the Company to be representative of the interest factor inherent in rent.
(b) Earnings were not adequate to cover fixed charges by $134.9 million, $237.3 million and $408.7 million for the years ended December 31, 2009, 2008 and 2007, respectively.

Meritage Homes Corporation

Proforma Calculation of Earnings to Total Fixed Charges

 

     Qtr. Ended
March 31,

2010
    Year Ended
December  31,

2009
 
      

Income/(Loss) from continuing operations before income taxes and minority interest

   $ 2,781      $ (154,799

Income/(Loss) from equity method investees

     (803     (4,013
                
     1,978        (158,812

Add/(deduct):

    

+ Fixed Charges

     11,449        51,692   

+ Amortization of capitalized interest

     3,256        25,951   

+ Distributed income of equity method investees

     1,340        8,286   

- Interest capitalized

     (2,146     (10,359
                

Earnings available for fixed charges

   $ 15,877      $ (83,243

Fixed Charges:

    

Interest and other financial charges expensed and capitalized

     10,827        48,459   

Interest factor attributed to rentals (c)

     622        3,233   
                

Total Fixed Charges

   $ 11,449      $ 51,692   

Ratio of earnings to fixed charges

     1.4        (d

 

(c) The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by the Company to be representative of the interest factor inherent in rent.
(d) Earnings were not adequate to cover fixed charges by $134.9 million for the year ended December 31, 2009.