EXHIBIT 12

CARRIAGE SERVICES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited and in thousands)

	1998		1999		2000*			2001		2002		Three Months Ended March 31, 2003
Fixed charges:
Interest expense	$	9,570	$	17,116	$	19,679		$	19,450	$	18,308	$	4,363
Amortization of capitalized expenses related to debt	150		242		1,026			894		1,442		247
Rental expense factor	720		876		1,606			1,516		1,529		455
Total fixed charges before capitalized interest and preferred stock dividends	10,440		18,234		22,311			21,860		21,279		5,065
Capitalized interest	600		686		770			298		184		48
Total fixed charges	11,040		18,920		23,081			22,158		21,463		5,113
Preferred stock dividends	1,082		167		88			46		—		—
Total fixed charges plus preferred dividends	$	12,122	$	19,087	$	23,169		$	22,204	$	21,463	$	5,113
Earnings (loss) available for fixed charges::
Earnings (loss) before income taxes and cumulative effect of change in accounting principle	$	17,023	$	19,361	$	(101,035	)	$	11,253	$	12,162	$	3,290
Add fixed charges before capitalized interest and preferred stock dividends	10,440		18,234		22,311			21,860		21,279		5,065
Total earnings (loss) available for fixed charges	$	27,463	$	37,595	$	(78,724	)	$	33,113	$	33,441	$	8,355
Ratio of earnings (loss) to fixed charges (1)	2.49		1.99		(3.41		)	1.49		1.56		1.63
Ratio of earnings (loss) to fixed charges plus dividends (1)	2.27		1.97		(3.40		)	1.49		1.56		1.63

(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.