EX-12 3 a2132112zex-12.htm EXHIBIT 12
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EXHIBIT 12


CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)

 
   1999
   2000
   2001
   2002
   2003
Fixed charges:                              
  Interest expense   $ 17,116   $ 19,679   $ 19,450   $ 18,308   $ 16,857
  Amortization of capitalized expenses related to debt     242     1,026     894     1,442     954
  Rental expense factor     876     1,606     1,516     1,529     1,221
   
 
 
 
 
Total fixed charges before capitalized interest and preferred stock dividends     18,234     22,311     21,860     21,279     19,032
Capitalized interest     686     770     298     184     131
   
 
 
 
 
  Total fixed charges     18,920     23,081     22,158     21,463     19,163
Preferred stock dividends     167     88     46     —     —
   
 
 
 
 
  Total fixed charges plus preferred dividends   $ 19,087   $ 23,169   $ 22,204   $ 21,463   $ 19,163
   
 
 
 
 
Earnings (loss) available for fixed charges:                              
Earnings (loss) before income taxes and cumulative effect of change in accounting principle   $ 19,361   $ (101,035 ) $ 11,253   $ 12,162   $ 10,599
Add fixed charges before capitalized interest and preferred stock dividends     18,234     22,311     21,860     21,279     19,032
   
 
 
 
 
Total earnings (loss) available for fixed charges   $ 37,595   $ (78,724 ) $ 33,113   $ 33,441   $ 29,331
   
 
 
 
 
Ratio of earnings (loss) to fixed charges(1)     1.99     (3.41 )   1.49     1.56     1.53
   
 
 
 
 
Ratio of earnings (loss) to fixed charges plus dividends(1)     1.97     (3.40 )   1.49     1.56     1.53
   
 
 
 
 
(1)
For purposes of computing the ratios of earnings to fixed charges and earnings to fixed charges plus dividends: (i) earnings consist of income 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.

* Earnings were inadequate to cover fixed charges. The coverage deficiency was $101,893 for 2000.



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CARRIAGE SERVICES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited and in thousands)