exv12w1

Exhibit 12.1

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


	Nine Months Ended December 31,						Fiscal Years Ended March 31,⁽¹⁾
	2008			2007			2008			2007			2006			2005			2004
Total Enterprise:

Earnings
Earnings (Loss) from continuing operations ⁽²⁾	$	(1,055,655	)	$	(1,942,212	)	$	(2,875,158	)	$	106,786		$	1,880,738		$	1,394,606		$	1,031,854
Minority interests in income of consolidated subsidiaries		326			1,142			1,333			2,587			3,469			2,467			3,723
Undistributed (income) loss from equity investments		23,660			96,563			104,479			79,615			6,298			(3,717	)		(16,023	)
Fixed charges		184,220			252,072			312,277			421,491			321,733			236,001			182,945
Interest capitalized		(136,864	)		(191,529	)		(238,203	)		(308,023	)		(232,860	)		(176,874	)		(115,186	)
Amortization of capitalized interest		120,777			211,465			314,017			246,579			171,189			131,937			89,144

Net Earnings (Loss)	$	(863,536	)	$	(1,572,499	)	$	(2,381,255	)	$	549,035		$	2,150,567		$	1,584,420		$	1,176,457


Fixed Charges
Interest expense including amortization of debt discount ⁽³⁾	$	176,945		$	241,497		$	302,577		$	407,391		$	312,133		$	228,501		$	176,645
Interest factor attributable to rentals		7,275			10,575			9,700			14,100			9,600			7,500			6,300

Total Fixed Charges	$	184,220		$	252,072		$	312,277		$	421,491		$	321,733		$	236,001		$	182,945


Ratio of Earnings to Fixed Charges ⁽⁵⁾		0.0			0.0			0.0			1.30			6.68			6.71			6.43


Coverage Deficiency	$	1,047,756		$	1,824,571		$	2,693,532

Total Enterprise (with financial services reflected on the equity method): ⁽⁴⁾

Earnings
Earnings (Loss) from continuing operations ⁽²⁾	$	(1,055,655	)	$	(1,942,212	)	$	(2,875,158	)	$	106,786		$	1,880,738		$	1,394,606		$	1,031,854
Undistributed (income) loss from equity investments		76,080			196,160			242,632			(4,915	)		(78,167	)		(99,689	)		(181,801	)
Fixed charges		172,078			200,423			255,297			326,663			252,929			201,252			158,020
Interest capitalized		(136,864	)		(191,529	)		(238,203	)		(308,023	)		(232,860	)		(176,874	)		(115,186	)
Amortization of capitalized interest		120,777			211,465			314,017			246,579			171,189			131,937			89,144

Net Earnings (Loss)	$	(823,584	)	$	(1,525,693	)	$	(2,301,415	)	$	367,090		$	1,993,829		$	1,451,232		$	982,031


Fixed Charges
Interest expense including amortization of debt discount ⁽³⁾	$	166,753		$	193,223		$	248,197		$	317,063		$	246,229		$	196,352		$	154,720
Interest factor attributable to rentals		5,325			7,200			7,100			9,600			6,700			4,900			3,300

Total Fixed Charges	$	172,078		$	200,423		$	255,297		$	326,663		$	252,929		$	201,252		$	158,020


Ratio of Earnings to Fixed Charges ⁽⁵⁾		0.0			0.0			0.0			1.12			7.88			7.21			6.21


Coverage Deficiency	$	995,662		$	1,726,116		$	2,556,712


(1)		The ratios presented in this table have been adjusted to reflect our home services operations (sold in April 2008), Construction Services (sold in March 2007), Home Equity (sold in July 2006), International Homebuilding (sold in September 2005), Construction Products (spun off in January 2004), and Manufactured Homes (spun off in June 2003) as discontinued operations.

(2)		Earnings (Loss) from Continuing Operations are Before Income Taxes and Cumulative Effect of a Change in Accounting Principle adopted in fiscal 2004.

(3)		Excludes interest related to our unrecognized tax benefits as such interest is included as a component of the income tax provision.

(4)		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.

(5)		Earnings were inadequate to cover fixed charges for the nine months ended December 31, 2008 and 2007 and for the fiscal year ended March 31, 2008.