EX-12.1 2 h38280a1exv12w1.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  
    (Restated)     (Restated)     (Restated)     (Restated)     (Restated)  
Earnings:
                                        
Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes
   $ 88,707     $ 112,020     $ 95,667     $ (129,449 )   $ (391,532 )
 
                                        
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)
     121,464       138,983       160,120       179,538       243,549  
 
                              
 
   $ 209,970     $ 251,477     $ 256,326     $ 50,616     $ (149,807 )
 
                              
Fixed charges:
                                        
Interest expense:
                                        
Corporate
   $ 92,945     $ 109,246     $ 130,727     $ 152,149     $ 205,896  
Amortization of debt cost
     10,788       10,047       9,237       7,102       6,106  
1/3 of rental expense
     17,731       19,690       20,156       20,287       31,547  
 
                              
Fixed charges
     121,464       138,983       160,120       179,538       243,549  
Less: Capitalized interest
     —       —       —       —       —  
 
                              
Fixed charges as adjusted
   $ 121,464     $ 138,983     $ 160,120     $ 179,538     $ 243,549  
 
                              
 
                                        
Ratio (earnings divided by fixed charges)
     1.73       1.81       1.60       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 $128,922 and $393,356 for the year ended December 31, 2002 and 2001, respectively.