EX-12.1 2 csv-ex12x20141231x10k.htm EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CSV-EX12-2014.12.31-10K


EXHIBIT 12
CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)
 
 
 
2010
 
2011
 
2012
 
2013
 
2014
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
17,534

 
$
17,596

 
$
19,446

 
$
12,260

 
$
9,325

Amortization of capitalized expenses related to debt
 
728

 
709

 
685

 
362

 
983

Rental expense factor
 
1,602

 
1,864

 
1,965

 
2,180

 
2,130

Total fixed charges
 
$
19,864

 
$
20,169

 
$
22,096

 
$
14,802

 
$
12,438

Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
$
13,447

 
$
12,138

 
$
19,249

 
$
24,462

 
$
22,701

Add fixed charges before capitalized interest
 
19,864

 
20,169

 
22,096

 
14,802

 
12,438

Total earnings available for fixed charges
 
$
33,311

 
$
32,307

 
$
41,345

 
$
39,264

 
$
35,139

Ratio of earnings to fixed charges(1)
 
1.68

 
1.60

 
1.87

 
2.65

 
2.83

 
(1)
For purposes of computing the ratios of earnings to fixed charges: (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.