EX-12.1 8 h43626exv12w1.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,
    2006     2005     2004     2003     2002  
Earnings:
                                        
Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes
   $ 97,449     $ 87,127     $ 109,318     $ 94,119     $ (142,909 )
 
                                        
Minority interest in (loss) income of majority owned subsidiaries with fixed charges
     295       (201 )     474       539       527  
Add: fixed charges as adjusted (from below)
     129,794       121,464       138,983       160,120       179,538  
 
                              
 
   $ 227,538     $ 208,390     $ 248,775     $ 254,778     $ 37,156  
 
                              
Fixed charges:
                                        
Interest expense:
                                        
Corporate
   $ 107,071     $ 92,945     $ 109,246     $ 130,727     $ 152,149  
Amortization of debt cost
     16,328       10,788       10,047       9,237       7,102  
1/3 of rental expense
     6,395       17,731       19,690       20,156       20,287  
 
                              
Fixed charges
     129,794       121,464       138,983       160,120       179,538  
Less: Capitalized interest
     —       —       —       —       —  
 
                              
Fixed charges as adjusted
   $ 129,794     $ 121,464     $ 138,983     $ 160,120     $ 179,538  
 
                              
 
                                        
Ratio (earnings divided by fixed charges)
     1.75       1.72       1.79       1.59       A  
A.   During the year 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 $142,382 for the year ended December 31, 2002.