EX-12.1 6 d337061dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

CARRIAGE SERVICES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited and in thousands)

 

     2012      2013      2014      2015      2016  

Fixed charges:

               

Interest expense

    $ 19,446      $ 12,260      $ 9,325      $ 9,563      $ 10,843  

Amortization of capitalized expenses related to debt

      685        362        983        996        895  

Rental expense factor

      1,965        2,180        2,130        2,177        2,027  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 22,096      $ 14,802      $ 12,438      $ 12,736      $ 13,765  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings available for fixed charges:

               

Earnings before income taxes

    $ 19,249      $ 24,462      $ 22,701      $ 34,590      $ 32,241  

Add fixed charges before capitalized interest

      22,096        14,802        12,438        12,736        13,765  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total earnings available for fixed charges

    $ 41,345      $ 39,264      $ 35,139      $ 47,326      $ 46,006  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges(1)

      1.87        2.65        2.83        3.72        3.34  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.