EX-12.1 10 h33422exv12w1.htm RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
                                         
    Year ended December 31,
    2005     2004     2003     2002     2001  
Earnings:
                                        
Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes
   $ 90,807     $ 111,906     $ 96,603     $ (129,212 )   $ (391,273 )
 
                                        
Undistributed income of less than 50% owned equity investees
     —       —       —       —       (939 )
Minority interest in (loss) income of majority owned subsidiaries with fixed charges
     (201 )     474       539       527       (885 )
Add: fixed charges as adjusted (from below)
     119,536       137,081       158,284       177,700       241,779  
 
                              
 
   $ 210,142     $ 249,461     $ 255,426     $ 49,015     $ (151,318 )
 
                              
Fixed charges:
                                        
Interest expense:
                                        
Corporate
   $ 91,549     $ 107,863     $ 129,388     $ 150,802     $ 204,579  
Amortization of debt cost
     10,788       10,047       9,237       7,102       6,106  
1/3 of rental expense
     17,199       19,171       19,659       19,796       31,094  
 
                              
Fixed charges
     119,536       137,081       158,284       177,700       241,779  
Less: Capitalized interest
     —       —       —       —       —  
 
                              
Fixed charges as adjusted
   $ 119,536     $ 137,081     $ 158,284     $ 177,700     $ 241,779  
 
                              
 
                                        
Ratio (earnings divided by fixed charges)
     1.76       1.82       1.61       A       A  
A.   During the year 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 from continuing operations before income taxes and cumulative effects of accounting changes of $128,685 and $393,097 for the year ended December 31, 2002 and 2001, respectively.