EX-12 2 h69936exv12.htm EX-12 exv12
EXHIBIT 12
CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)
                                         
    2005     2006     2007     2008     2009  
Fixed charges:
                                        
Interest expense
   $ 24,770     $ 17,794     $ 17,630     $ 17,606     $ 17,731  
Amortization of capitalized expenses related to debt
     754       714       714       725       767  
Rental expense factor
     1,268       1,245       1,235       1,278       1,284  
 
                              
Total fixed charges before capitalized interest
     26,792       19,753       19,579       19,609       19,782  
Capitalized interest
     46       50       59       56       —  
 
                              
Total fixed charges
   $ 26,838     $ 19,803     $ 19,638     $ 19,665     $ 19,782  
 
                              
 
                                        
Earnings available for fixed charges:
                                        
Earnings (loss) before income taxes and cumulative effect of change in accounting principle
   $ (1,939 )   $ 5,842     $ 12,317     $ 3,529     $ 11,845  
Add fixed charges before capitalized interest
     26,792       19,753       19,579       19,609       19,782  
 
                              
Total earnings available for fixed charges
   $ 24,853     $ 25,595     $ 31,896     $ 23,138     $ 31,627  
 
                              
 
                                        
Ratio of earnings to fixed charges(1)
     0.93       1.29       1.62       1.18       1.60  
 
                              
 
(1)   For purposes of computing the ratios of earnings to fixed charges and earnings to fixed charges plus dividends: (i) earnings consist of income from continuing operations before provision for income taxes plus fixed charges (excluding capitalized interest) and (ii) “fixed charges” consist of interest expensed and capitalized, amortization of debt discount and expense relating to indebtedness and the portion of rental expense representative of the interest factor attributable to leases for rental property. There were no dividends paid or accrued on the Company’s Common Stock during the periods presented above.