EX-12.1 10 h02718exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 2002 2001 ------------ ------------ (Thousands, except ratio amounts) (Loss) from continuing operations before income taxes, extraordinary items and cumulative effects of accounting changes .................................... $ (140,963) $ (535,428) Undistributed income of less than 50% owned equity investees ..................... 0 (939) Minority interest in income of majority owned subsidiaries that have not incurred fixed charges ........................................ 706 (799) Add fixed charges (from below) ................................................... 181,211 242,628 ------------ ------------ $ 40,954 $ (294,538) ------------ ------------ Fixed charges: Interest expense: Corporate ................................................................... $ 154,392 $ 205,520 Amortization of debt costs .................................................. 7,102 6,106 1/3 of rental expense ............................................................ 19,717 31,002 ------------ ------------ Fixed charges .................................................................... $ 181,211 $ 242,628 ============ ============ Ratio (earnings divided by fixed charges) ........................................ (A) (A) ============ ============
(A) Due to the loss in the twelve months ended December 31, 2002 and 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 additional income before income taxes, extraordinary items and cumulative effects of accounting changes of $140,257 and $537,166 for the years ended December 31, 2002 and 2001, respectively. Excluding impairment losses and other operating expenses, the ratio of earnings to fixed charges would have been 1.82 and 1.44 for the twelve months ended December 31, 2002 and 2001, respectively.