EX-12.1 7 d94412ex12-1.txt EX-12.1 COMPUTATION OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 CENTEX CORPORATION - TOTAL ENTERPRISE CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED FISCAL YEARS ENDED MARCH 31, --------------------------- ---------------------------- 12/31/2001 12/31/2000 2001 2000 ---------- ---------- --------- --------- FIXED CHARGES (A) Interest Expensed and Capitalized 211,812 133,900 197,679 128,520 (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 11,418 9,629 12,839 8,357 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A --------- --------- --------- --------- TOTAL FIXED CHARGES $ 223,230 $ 143,529 $ 210,518 $ 136,877 ========= ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 428,235 284,488 436,331 416,861 Add back: minority interest in consolidated subsidiaries 15,135 30,827 32,415 64,772 Adjust for income or loss from equity investees Subtract: CDC earnings (add back losses) (11,995) (3,864) (4,616) (456) --------- --------- --------- --------- 431,375 311,451 464,130 481,177 (B) Add back: fixed charges 223,230 143,529 210,518 136,877 (C) Add back: Amortization of capitalized interest 25,315 27,095 46,608 -- (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 -- -- -- -- --------- --------- --------- --------- 679,920 482,075 721,256 618,054 SUBTRACT (A) Capitalized Interest (36,012) (35,445) (52,646) -- (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 -- -- -- -- --------- --------- --------- --------- (36,012) (35,445) (52,646) -- --------- --------- --------- --------- NET EARNINGS $ 643,908 $ 446,630 $ 668,610 $ 618,054 ========= ========= ========= ========= RATIO 2.88 3.11 3.18 4.52 FISCAL YEARS ENDED MARCH 31, ------------------------------------------- 1999 1998 1997 --------- --------- --------- FIXED CHARGES (A) Interest Expensed and Capitalized 118,451 78,128 65,517 (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 10,457 7,886 6,182 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A --------- --------- --------- TOTAL FIXED CHARGES $ 128,908 $ 86,014 $ 71,699 ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 373,294 231,634 163,734 Add back: minority interest in consolidated subsidiaries 53,613 43,447 31,690 Adjust for income or loss from equity investees Subtract: CDC earnings (add back losses) (430) (3,577) (925) --------- --------- --------- 426,477 271,504 194,499 (B) Add back: fixed charges 128,908 86,014 71,699 (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 -- -- -- --------- --------- --------- 555,385 357,518 266,198 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 $ 555,385 357,518 266,198 ========= ========= ========= RATIO 4.31 4.16 3.71
CENTEX (EXCLUDING FINANCIAL SERVICES OPERATIONS) CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED FISCAL YEARS ENDED MARCH 31, --------------------------- ---------------------------- FIXED CHARGES 12/31/2001 12/31/2000 2001 2000 ---------- ---------- --------- --------- (A) Interest Expensed and Capitalized 95,327 73,490 99,069 66,844 (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 11,418 9,629 12,839 8,357 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A N/A --------- --------- --------- --------- TOTAL FIXED CHARGES 106,745 83,119 111,908 75,201 ========= ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 428,235 284,488 436,331 416,861 Add back: minority interest in consolidated subsidiaries 15,135 30,827 32,415 64,772 Adjust for income or loss from equity investees Subtract: Financial Services earnings (pre-tax) (87,785) (4,649) (19,667) (32,474) Subtract: CDC earnings (add back losses) (11,995) (3,864) (4,616) (456) Adjust for CFMC (earnings) loss -- -- -- (214) --------- --------- --------- --------- 343,590 306,802 444,463 448,489 (B) Add back: fixed charges 106,745 83,119 111,908 75,201 (C) Add back: Amortization of capitalized interest 25,315 27,095 46,608 -- (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 -- -- -- -- --------- --------- --------- --------- 475,650 417,016 602,979 523,690 SUBTRACT (A) Capitalized Interest (36,012) (35,445) (52,646) -- (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 -- -- -- -- --------- --------- --------- --------- (36,012) (35,445) (52,646) -- --------- --------- --------- --------- TOTAL EARNINGS $ 439,638 $ 381,571 $ 550,333 $ 523,690 ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 4.12 4.59 4.92 6.96 FISCAL YEARS ENDED MARCH 31, ------------------------------------------- FIXED CHARGES 1999 1998 1997 --------- --------- --------- (A) Interest Expensed and Capitalized 41,581 33,256 34,062 (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 10,457 7,886 6,186 (D) Preference security dividend requirements of consolidated subsidiaries N/A N/A N/A --------- --------- --------- TOTAL FIXED CHARGES 52,038 $ 41,142 $ 40,248 ========= ========= ========= EARNINGS ADD: (A) Pre-tax earnings 373,294 231,634 163,734 Add back: minority interest in consolidated subsidiaries 53,613 43,447 31,690 Adjust for income or loss from equity investees Subtract: Financial Services earnings (pre-tax) (92,309) (31,371) (24,410) Subtract: CDC earnings (add back losses) (430) (3,577) (925) Adjust for CFMC (earnings) loss (203) (191) (191) --------- --------- --------- 333,965 239,942 169,898 (B) Add back: fixed charges 52,038 41,142 40,248 (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 -- -- -- --------- --------- --------- 386,003 281,084 210,146 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 $ 386,003 $ 281,084 $ 210,146 ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 7.42 6.83 5.22