EX-12.1 3 h99107exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2002 2001 ------------- ------------ (Thousands, except ratio amounts) (Loss) income before income taxes, extraordinary items and cumulative effects of accounting changes............................................................... $ (131,484) $ 8,533 Undistributed income of less than 50% owned equity investees.......................... -- (1,705) Minority interest in income of majority owned subsidiaries with fixed charges.................................................................. 469 (507) Add fixed charges as adjusted (from below)............................................ 95,953 129,494 ------------- ------------ $ (35,062) $ 135,815 ------------- ------------ Fixed charges: Interest expense: Corporate......................................................................... $ 81,546 $ 111,949 Amortization of debt costs........................................................ 3,246 3,008 1/3 of rental expense............................................................... 11,161 14,537 ------------- ------------ Fixed charges ........................................................................ 95,953 129,494 Less: Capitalized interest.......................................................... -- -- ------------- ------------ Fixed charges as adjusted............................................................. $ 95,953 $ 129,494 ============= ============ Ratio (earnings divided by fixed charges)............................................. (A) 1.05 ============= ============
(A) Due to the loss in the six months ended June 30, 2001, the ratio coverage was less than 1:1. In order to achieve a coverage of 1:1, the Company would have had to generate income before income taxes, extraordinary items and cumulative effects of accounting changes of $95,484 for the six months ended June 30, 2002. Excluding restructuring and non-recurring charges, the ratio of earnings to fixed charges would have been 2.10 and 1.44 for the six months ended June 30, 2002 and 2001, respectively.