EX-12 3 0003.txt RATIO OF EARNINGS TO FIXED CHARGES COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 12.1 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands) The following table sets forth the ratio of earnings to fixed charges of the Company for the nine months ended November 30, 2000 and for the five fiscal years ended February 29, 2000 computed by dividing net fixed charges (interest expense on all debt plus the interest element (one-third) of operating leases) into earnings (income before income taxes and fixed charges). Nine months ended November 30, Fiscal Years Ended February 29(28), -------------------------- ------------------------------------------------------------------ 2000 1999 2000 1999 1998 1997 1996 ------------ ------------- ------------ ------------- ------------ ------------ ------------- Net earnings $269,907 $310,446 $410,243 $385,401 $344,983 $257,358 $195,720 Income tax expense 152,860 198,363 220,955 246,404 220,563 164,540 130,480 Interest charges 967,566 695,932 922,225 977,326 564,640 418,682 333,140 Interest portion of rental Expense 13,118 14,180 19,080 14,898 10,055 7,420 6,803 ------------ ------------- ------------ ------------- ------------ ------------ ------------- Earnings available to cover fixed charges $1,403,451 $1,218,921 $1,572,503 $1,624,029 $1,140,241 $848,000 $666,143 ============ ============= ============ ============= ============ ============ ============= Fixed charges Interest charges $967,566 $695,932 $922,225 $977,326 $564,640 $418,682 $333,140 Interest portion of rental Expense 13,118 14,180 19,080 14,898 10,055 7,420 6,803 ------------ ------------- ------------ ------------- ------------ ------------ ------------- Total fixed charges $980,684 $710,112 $941,305 $992,224 $574,695 $426,102 $339,943 ============ ============= ============ ============= ============ ============ ============= Ratio of earnings to fixed Charges 1.43 1.72 1.67 1.64 1.98 1.99 1.96 ============ ============= ============ ============= ============ ============ =============