EX-12.1 8 h13416exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIO AMOUNTS)
TWELVE MONTHS ENDED DECEMBER 31, ---------------------------- 2003 2002 ------------ ----------- (RESTATED) Earnings: Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes.................................................... $ 114,333 $ (134,170) Undistributed income of less than 50% owned equity investees........................ - - Minority interest in income of majority owned subsidiaries with fixed charges....... 715 706 Add: fixed charges as adjusted (from below)........................................ 163,040 181,211 ------------ ----------- $ 278,088 $ 47,747 ============ =========== Fixed charges: Interest expense: Corporate.................................................................. $ 134,189 $ 154,392 Amortization of debt cost....................................................... 9,237 7,102 1/3 of rental expense........................................................... 19,614 19,717 ------------ ----------- Fixed charges................................................................... 163,040 181,211 Less: Capitalized interest..................................................... - - ------------ ----------- Fixed charges as adjusted....................................................... $ 163,040 $ 181,211 ============ =========== Ratio (earnings divided by fixed charges)........................................... 1.71 A ============ ===========
A. During the twelve months ended December 31, 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 from continuing operations before income taxes and cumulative effects of accounting changes of $133,464 for the twelve months ended December 31, 2002.