EX-12.1 3 h01074exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, 2002 2001 ------------- --------------- (Thousands, except ratio amounts) (Loss) income before income taxes, extraordinary items and cumulative effects of accounting changes ................ $(132,452) $ 13,396 Undistributed income of less than 50% owned equity investees ... -- (948) Minority interest in income of majority owned subsidiaries with fixed charges .......................................... 647 (1,813) Add fixed charges as adjusted (from below) ..................... 139,442 187,568 --------- --------- $ 7,637 $ 198,203 --------- --------- Fixed charges: Interest expense: Corporate ................................................. $ 118,133 $ 159,849 Amortization of debt costs ................................ 4,880 4,541 1/3 of rental expense .......................................... 16,429 23,178 --------- --------- Fixed charges .................................................. 139,442 187,568 Less: Capitalized interest ..................................... -- -- --------- --------- Fixed charges as adjusted ...................................... $ 139,442 $ 187,568 ========= ========= Ratio (earnings divided by fixed charges) ...................... (A) 1.06 ========= =========
(A) Due to the loss in the nine months ended September 30, 2002 the ratio coverage was less than 1:1. In order to achieve a coverage of 1:1, the Company would have had to generate additional income before income taxes extraordinary items and cumulative effects of accounting changes of $131,805 for the nine months ended September 30, 2002. Excluding impairment losses and other operating expenses, the ratio of earnings to fixed charges would have been 1.95 and 1.36 for the nine months ended September 30, 2002 and 2001, respectively.