EXHIBIT 12.1

Meritage Homes Corporation

Calculation of Ratio of Earnings to Total Fixed Charges

(Dollars in thousands)

 

     For the
Three
Months
Ended
March 31,		     Year Ended December 31,  
   2018     2017     2016     2015     2014     2013  

Income from continuing operations before income taxes and minority interest

      48,884       247,519       218,060       189,464       208,417       177,672  

Income from equity method investees

      (2,610 )      (15,959 )      (19,042 )      (12,759 )      (10,422 )      (12,805 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     46,274       231,560       199,018       176,705       197,995       164,867  

Add/(deduct):

             

+ Fixed Charges

      21,619       82,278       72,952       69,753       60,541       53,285  

+ Amortization of Capitalized Interest

      17,469       64,824       58,182       44,435       32,143       24,668  

+ Distributed income of equity method investees

      3,244       15,337       16,959       12,650       11,613       13,013  

- Interest capitalized

      (20,733 )      (75,192 )      (65,176 )      (51,577 )      (53,211 )      (36,060 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

      67,873       318,807       281,935       251,966       249,081       219,773  

Fixed Charges:

             

Interest and other financial charges expensed and capitalized

      20,869       79,045       70,348       67,542       58,374       51,152  

Interest factor attributed to rentals (a)

      750       3,233       2,604       2,211       2,167       2,133  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

      21,619       82,278       72,952       69,753       60,541       53,285  

Ratio of earnings to fixed charges (b)

      3.1x       3.9x       3.9x       3.6x       4.1x       4.1x  

 

(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) There was no outstanding preferred stock during the periods presented; therefore, the ratio of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends were the same.