Exhibit 12.1

Centex Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)

	Fiscal Years Ended March 31, (1)
	2005			2004			2003			2002			2001
Total Enterprise:
Earnings
Earnings from continuing operations (2)	$	1,573,769		$	1,149,064		$	747,350		$	580,230		$	404,812
Minority interests in income of consolidated subsidiaries		2,467			3,723			—			—			—
Undistributed (income) loss from equity investments		(4,358	)		(17,591	)		(14,247	)		(23,006	)		(3,830	)
Fixed charges		500,885			387,107			328,007			280,990			201,294
Interest capitalized		(182,761	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)
Amortization of capitalized interest		137,011			89,144			49,450			40,851			35,115
Net Earnings	$	2,027,013		$	1,496,261		$	1,036,958		$	825,497		$	596,238
Fixed Charges
Interest expense including amortization of debt discount	$	489,085		$	378,907		$	319,207		$	271,290		$	187,794
Interest factor attributable to rentals		11,800			8,200			8,800			9,700			13,500
Total Fixed Charges	$	500,885		$	387,107		$	328,007		$	280,990		$	201,294
Ratio of Earnings to Fixed Charges		4.05			3.87			3.16			2.94			2.96
Total Enterprise (with financial services reflected on the equity method): (3)
Earnings
Earnings from continuing operations (2)	$	1,573,769		$	1,149,064		$	747,350		$	580,230		$	404,812
Minority interests in income of consolidated subsidiaries		—			—			—			—			—
Undistributed (income) loss from equity investments		(208,718	)		(247,892	)		(176,072	)		(137,739	)		(23,497	)
Fixed charges		212,300			160,355			140,956			119,145			103,404
Interest capitalized		(182,761	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)
Amortization of capitalized interest		137,011			89,144			49,450			40,851			35,115
Net Earnings	$	1,531,601		$	1,035,485		$	688,082		$	548,919		$	478,681
Fixed Charges
Interest expense including amortization of debt discount	$	205,100		$	155,055		$	134,756		$	112,145		$	95,222
Interest factor attributable to rentals		7,200			5,300			6,200			7,000			8,182
Total Fixed Charges	$	212,300		$	160,355		$	140,956		$	119,145		$	103,404
Ratio of Earnings to Fixed Charges		7.21			6.46			4.88			4.61			4.63

(1)	The ratios presented in this table have been adjusted to reflect our former construction products operations (spun off in January 2004) and our manufactured housing operations (spun off in June 2003) as discontinued operations.
(2)	Earnings from Continuing Operations are Before Income Taxes and Cumulative Effect of a Change in Accounting Principle adopted in fiscal 2004.
(3)	Represents a supplemental presentation that reflects the Financial Services segment as if accounted for under the equity method. We believe that separate disclosure of the consolidating information is useful because the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning. We also use this presentation to allow investors to compare us to homebuilders that do not have financial services operations.