EX-12.1 12 d81980ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 CENTEX CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES TRADITIONAL (Excluding CMO's and Savings and Loan)
SIX MONTHS ENDED SEPTEMBER 30, YEAR ENDED YEAR ENDED 2000 1999 3/31/2000 3/31/1999 --------- --------- ---------- ---------- FIXED CHARGES (A) Interest Expensed and Capitalized 46,705 27,361 66,844 41,581 (B) Amortized Premiums, Discounts and capitalized interest related to indebtedness included in (A) included in (A) included in (A) included in (A) (C) An estimate of the interest within rental expense 6,636 5,102 8,357 10,457 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A --------- --------- --------- --------- TOTAL FIXED CHARGES $ 53,341 $ 32,463 $ 75,201 $ 52,038 ========= ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 173,994 200,441 416,861 373,294 Add back: minority interest in consolidated subsidiaries 24,533 34,706 64,772 53,613 Adjust for income or loss from equity investees Subtract: Financial Services earnings (pre-tax) (2,273) (33,173) (32,474) (92,309) Subtract: CDC earnings (add back losses) (215) (76) (456) (430) Subtract: CXP earnings (Fy 95 and 96) -- -- -- -- Adjust for CFMC (earnings) loss -- (105) (214) (203) --------- --------- --------- --------- 196,039 201,793 448,489 333,965 (B) Add back: fixed charges 53,341 32,463 75,201 52,038 (C) Add back: Amortization of capitalized interest -- -- -- -- (D) Add back: distributed income of equity investee N/A N/A N/A N/A (E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- -- --------- --------- --------- --------- 249,380 234,256 523,690 386,003 SUBTRACT (A) Capitalized Interest (2,750) -- -- -- (B) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A (C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges -- -- -- -- --------- --------- --------- --------- (2,750) -- -- -- TOTAL EARNINGS $ 246,630 $ 234,256 $ 523,690 $ 386,003 ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 4.62 7.22 6.96 7.42 YEAR ENDED YEAR ENDED YEAR ENDED 3/31/1998 3/31/1997 3/31/1996 ---------- ---------- ---------- FIXED CHARGES (A) Interest Expensed and Capitalized 33,256 34,062 40,862 (B) Amortized Premiums, Discounts and capitalized interest related to indebtedness included in (A) included in (A) included in (A) (C) An estimate of the interest within rental expense 7,886 6,186 4,331 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A --------- --------- --------- TOTAL FIXED CHARGES $ 41,142 $ 40,248 $ 45,193 ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 231,634 163,734 87,786 Add back: minority interest in consolidated subsidiaries 43,447 31,690 -- Adjust for income or loss from equity investees Subtract: Financial Services earnings (pre-tax) (31,371) (24,410) (17,155) Subtract: CDC earnings (add back losses) (3,577) (925) (277) Subtract: CXP earnings (Fy 95 and 96) -- -- (25,628) Adjust for CFMC (earnings) loss (191) (191) (15) --------- --------- --------- 239,942 169,898 44,711 (B) Add back: fixed charges 41,142 40,248 45,193 (C) Add back: Amortization of capitalized interest -- -- -- (D) Add back: distributed income of equity investee N/A N/A N/A (E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- --------- --------- --------- 281,084 210,146 89,904 SUBTRACT (A) Capitalized Interest -- -- -- (B) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A (C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges -- -- -- --------- --------- --------- -- -- -- TOTAL EARNINGS $ 281,084 $ 210,146 $ 89,904 ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 6.83 5.22 1.99
2 CENTEX CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES TOTAL COMPANY (including CMO's and Savings and Loan)
SIX MONTHS ENDED SEPTEMBER 30, YEAR ENDED YEAR ENDED 2000 1999 3/31/2000 3/31/1999 --------- --------- ---------- ---------- FIXED CHARGES (A) Interest Expensed and Capitalized 79,683 63,385 128,520 118,451 (B) Amortized Premiums, Discounts and capitalized interest related to indebtedness included in (A) included in (A) included in (A) included in (A) (C) An estimate of the interest within rental expense 6,636 5,102 8,357 10,457 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A Additional Adjustments: External Interest (CMO's) -- -- -- -- Amortization of discount and capitalized expense (CMO's) -- -- -- -- --------- --------- --------- --------- TOTAL FIXED CHARGES $ 86,319 $ 68,487 $ 136,877 $ 128,908 ========= ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 173,994 200,441 416,861 373,294 Add back: minority interest in consolidated subsidiaries 24,533 34,706 64,772 53,613 Adjust for income or loss from equity investees Subtract: CDC earnings (add back losses) (215) (76) (456) (430) Subtract: CXP earnings (FY 95 and 96) -- -- -- -- --------- --------- --------- --------- 198,312 235,071 481,177 426,477 (B) Add back: fixed charges 86,319 68,487 136,877 128,908 (C) Add back: Amortization of capitalized interest -- -- -- -- (D) Add back: distributed income of equity investee N/A N/A N/A N/A (E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- -- --------- --------- --------- --------- 284,631 303,558 618,054 555,385 SUBTRACT (A) Capitalized Interest (2,750) -- -- -- (B) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A (C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges -- -- -- -- --------- --------- --------- --------- (2,750) -- -- -- NET EARNINGS $ 281,881 $ 303,558 $ 618,054 $ 555,385 ========= ========= ========= ========= RATIO 3.27 4.43 4.52 4.31 YEAR ENDED YEAR ENDED YEAR ENDED 3/31/1998 3/31/1997 3/31/1996 ---------- ---------- ---------- FIXED CHARGES (A) Interest Expensed and Capitalized 78,128 65,517 69,724 (B) Amortized Premiums, Discounts and capitalized interest related to indebtedness included in (A) included in (A) included in (A) (C) An estimate of the interest within rental expense 7,886 6,182 4,331 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A Additional Adjustments: External Interest (CMO's) -- -- 973 Amortization of discount and capitalized expense (CMO's) -- -- 86 --------- --------- --------- TOTAL FIXED CHARGES $ 86,014 $ 71,699 $ 75,114 ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 231,634 163,734 87,786 Add back: minority interest in consolidated subsidiaries 43,447 31,690 -- Adjust for income or loss from equity investees Subtract: CDC earnings (add back losses) (3,577) (925) (277) Subtract: CXP earnings (FY 95 and 96) -- -- (25,628) --------- --------- --------- 271,504 194,499 61,881 (B) Add back: fixed charges 86,014 71,699 75,114 (C) Add back: Amortization of capitalized interest -- -- -- (D) Add back: distributed income of equity investee N/A N/A N/A (E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- --------- --------- --------- 357,518 266,198 136,995 SUBTRACT (A) Capitalized Interest -- -- -- (B) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A (C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges -- -- -- --------- --------- --------- -- -- -- NET EARNINGS $ 357,518 $ 266,198 $ 136,995 ========= ========= ========= RATIO 4.16 3.71 1.82