EX-12.1 6 v05932exv12w1.txt EXHIBIT 12.1 Exhibit 12.1 COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES 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 years ended December 31, 2004, 2003, and 2002, ten-month period ended December 31, 2001, and the fiscal year ended February 28, 2001 computed by dividing net fixed charges (interest expense on all debt plus the interest element (one-third) of operating leases) into earnings (earnings before income taxes and fixed charges).
YEAR ENDED TEN MONTHS FISCAL YEAR DECEMBER 31, ENDED ENDED ------------------------------------ DECEMBER 31, FEBRUARY 28, (Dollars are in thousands) 2004 2003 2002 2001 2001 ----------------------------------------- ---------- ---------- ---------- ------------ ------------ Net earnings $2,197,574 $2,372,950 $ 841,779 $ 486,006 $ 374,153 Income tax expense 1,398,299 1,472,822 501,244 302,613 211,882 Interest expense 2,608,338 1,940,207 1,461,066 1,474,719 1,330,724 Interest portion of rental expense 53,562 36,565 26,671 16,201 17,745 ---------- ---------- ---------- ---------- ---------- Earnings available to cover fixed charges $6,257,773 $5,822,544 $2,830,760 $2,279,539 $1,934,504 ========== ========== ========== ========== ========== Fixed charges: Interest expense $2,608,338 $1,940,207 $1,461,066 $1,474,719 $1,330,724 Interest portion of rental expense 53,562 36,565 26,671 16,201 17,745 ---------- ---------- ---------- ---------- ---------- Total fixed charges $2,661,900 $1,976,772 $1,487,737 $1,490,920 $1,348,469 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 2.35 2.95 1.90 1.53 1.43 ========== ========== ========== ========== ==========