EXHIBIT 12

CARRIAGE SERVICES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited and in thousands)

	2000*			2001		2002		2003		2004
Fixed charges:
Interest expense	$	19,679		$	19,450	$	18,372	$	16,981	$	16,134
Amortization of capitalized expenses related to debt	1,026			894		1,343		954		924
Rental expense factor	1,606			1,516		1,529		1,221		1,208
Total fixed charges before capitalized interest and preferred stock dividends	22,311			21,860		21,244		19,156		18,266
Capitalized interest	770			298		184		131		24
Total fixed charges	23,081			22,158		21,428		19,287		18,290
Preferred stock dividends	88			46		—		—		—
Total fixed charges plus preferred dividends	$	23,169		$	22,204	$	21,428	$	19,287	$	18,290
Earnings (loss) available for fixed charges:
Earnings (loss) before income taxes and cumulative effect of change in accounting principle	$	(102,785	)	$	9,996	$	11,350	$	9,417	$	11,025
Add fixed charges before capitalized interest and preferred stock dividends	22,311			21,860		21,244		19,156		18,266
Total earnings (loss) available for fixed charges	$	(80,474	)	$	31,856	$	32,594	$	28,573	$	29,291
Ratio of earnings (loss) to fixed charges (1)	(3.49		)	1.44		1.52		1.48		1.60
Ratio of earnings (loss) to fixed charges plus dividends (1)	(3.47		)	1.44		1.52		1.48		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 form 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.

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