EX-12 5 csv-ex12x20121231x10k.htm COMPUTATION OF RATIO OF FIXED EARNINGS TO FIXED CHARGES CSV-EX12-2012.12.31-10K


EXHIBIT 12
CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)
 
 
 
2008
 
2009
 
2010
 
2011
 
2012

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
17,606

 
$
17,731

 
$
17,534

 
$
17,596

 
$
19,446

Amortization of capitalized expenses related to debt
 
725

 
767

 
728

 
709

 
685

Rental expense factor
 
1,278

 
1,284

 
1,602

 
1,864

 
1,965

Total fixed charges before capitalized interest
 
19,609

 
19,782

 
19,864

 
20,169

 
22,096

Capitalized interest
 
56

 
—

 
—

 
—

 
—

Total fixed charges
 
$
19,665

 
$
19,782

 
$
19,864

 
$
20,169

 
$
22,096

Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
$
3,529

 
$
11,845

 
$
13,447

 
$
12,138

 
$
19,249

Add fixed charges before capitalized interest
 
19,609

 
19,782

 
19,864

 
20,169

 
22,096

Total earnings available for fixed charges
 
$
23,138

 
$
31,627

 
$
33,311

 
$
32,307

 
$
41,345

Ratio of earnings to fixed charges(1)
 
1.18

 
1.60

 
1.68

 
1.60

 
1.87

 
(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.