EX-12.1 3 h09616exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES (In Thousands, except ratio amounts)
Nine Months Ended September 30, 2003 2002 -------------------------------------------------------------------------------------------------------------------------- Earnings Income (loss) before income taxes and cumulative effect of accounting change.......... $ 78,949 $ (128,320) Minority interest in income of majority owned subsidiaries that have not incurred fixed charges................................................. 432 647 Add fixed charges as adjusted (from below)............................................ 123,492 139,442 -------------- ------------ $ 202,873 $ 11,769 -------------- ------------ Fixed charges: Interest expense: Corporate ................................................................... $ 101,560 $ 118,133 Amortization of debt costs................................................... 6,955 4,880 1/3 of rental expense............................................................... 14,977 16,429 -------------- ------------ Fixed charges ........................................................................ 123,492 139,442 Less: Capitalized interest......................................................... - - -------------- ------------ Fixed charges as adjusted............................................................. $ 123,492 $ 139,442 ============== ============ Ratio (earnings divided by fixed charges)............................................. 1.64 (A) ============== ============
(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 and cumulative effects of accounting changes of $127,673.