EX-12.1 5 h07919exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES . . . Exhibit 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2003 2002 ---------- ---------- (Thousands, except ratio amounts) Income (loss) before income taxes and cumulative effect of accounting change ... $ 88,278 $(134,906) Undistributed income of less than 50% owned equity investees ................... -- -- Minority interest in income of majority owned subsidiaries that have not incurred fixed charges .......................................... 286 469 Add fixed charges as adjusted (from below) ..................................... 83,088 95,953 --------- --------- $ 171,652 $ (38,484) --------- --------- Fixed charges: Interest expense: Corporate ............................................................. $ 68,843 $ 81,546 Amortization of debt costs ............................................ 4,674 3,246 1/3 of rental expense .......................................................... 9,571 11,161 --------- --------- Fixed charges .................................................................. 83,088 95,953 Less: Capitalized interest .................................................... -- -- --------- --------- Fixed charges as adjusted ...................................................... $ 83,088 $ 95,953 ========= ========= Ratio (earnings divided by fixed charges) ...................................... 2.07 (A) ========= =========
(A) Due to the loss in the six months ended June 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 and cumulative effects of accounting changes of $134,437.