EX-12.1 6 h78708exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)
                                                 
                                            9 months  
                                            ending  
    2005     2006     2007     2008     2009     9/30/2010  
Fixed charges:
                                                
Interest expense
   $ 24,770     $ 17,794     $ 17,630     $ 17,606     $ 17,731     $ 13,154  
Amortization of capitalized expenses related to debt
     754       714       714       725       767       545  
Rental expense factor
     1,268       1,245       1,235       1,278       1,284       1,151  
 
                                    
Total fixed charges before capitalized interest
     26,792       19,753       19,579       19,609       19,782       14,850  
Capitalized interest
     46       50       59       56       —       —  
 
                                    
Total fixed charges
   $ 26,838     $ 19,803     $ 19,638     $ 19,665     $ 19,782     $ 14,850  
 
                                    
 
                                                
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     $ 9,970  
Add fixed charges before capitalized interest
     26,792       19,753       19,579       19,609       19,782       14,850  
 
                                    
Total earnings available for fixed charges
   $ 24,853     $ 25,595     $ 31,896     $ 23,138     $ 31,627     $ 24,820  
 
                                    
 
                                                
Ratio of earnings to fixed charges(1)
             1.29       1.62       1.18       1.60       1.67  
 
                                    
 
(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. In 2005, fixed charges exceeded earnings by $1,965,000.