exv12w1

EXHIBIT 12.1

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



	Six Months Ended September 30,						Fiscal Years Ended March 31, ⁽¹⁾
	2005			2004			2005			2004			2003			2002			2001
Total Enterprise:

Earnings
Earnings from continuing operations ⁽²⁾	$	852,223		$	584,879		$	1,510,043		$	1,109,981		$	726,958		$	567,916		$	404,846
Minority interests in income of consolidated subsidiaries		1,931			1,236			2,467			3,723			—			—			—
Undistributed (income) loss from equity investments		2,120			(6,022	)		(4,358	)		(17,591	)		6,145			(10,692	)		(3,830	)
Fixed charges		322,075			227,088			490,637			387,672			328,007			280,990			201,294
Interest capitalized		(108,490	)		(83,049	)		(176,874	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)
Amortization of capitalized interest		75,744			58,053			131,937			89,144			49,450			40,851			35,115

Net Earnings	$	1,145,603		$	782,185		$	1,953,852		$	1,457,743		$	1,036,958		$	825,497		$	596,272


Fixed Charges
Interest expense including amortization of debt discount	$	316,925		$	222,538		$	480,337		$	378,572		$	319,207		$	271,290		$	187,794
Interest factor attributable to rentals		5,150			4,550			10,300			9,100			8,800			9,700			13,500

Total Fixed Charges	$	322,075		$	227,088		$	490,637		$	387,672		$	328,007		$	280,990		$	201,294


Ratio of Earnings to Fixed Charges		3.56			3.44			3.98			3.76			3.16			2.94			2.96


Total Enterprise (with financial services reflected on the equity method): ⁽³⁾

Earnings
Earnings from continuing operations ⁽²⁾	$	852,223		$	584,879		$	1,510,043		$	1,109,981		$	726,958		$	567,916		$	404,846
Minority interests in income of consolidated subsidiaries		—			—			—			—			—			—			—
Undistributed (income) loss from equity investments		(99,341	)		(116,848	)		(208,718	)		(247,892	)		(155,680	)		(125,425	)		(23,497	)
Fixed charges		117,937			95,024			202,552			160,020			140,956			119,145			103,404
Interest capitalized		(108,490	)		(83,049	)		(176,874	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)
Amortization of capitalized interest		75,744			58,053			131,937			89,144			49,450			40,851			35,115

Net Earnings	$	838,073		$	538,059		$	1,458,940		$	996,067		$	688,082		$	548,919		$	478,715


Fixed Charges
Interest expense including amortization of debt discount	$	114,837		$	92,374		$	196,352		$	154,720		$	134,756		$	112,145		$	95,222
Interest factor attributable to rentals		3,100			2,650			6,200			5,300			6,200			7,000			8,182

Total Fixed Charges	$	117,937		$	95,024		$	202,552		$	160,020		$	140,956		$	119,145		$	103,404


Ratio of Earnings to Fixed Charges		7.11			5.66			7.20			6.22			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), our manufactured housing operations (spun off in June 2003), and our international homebuilding operations (sold in September 2005), 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.