Carriage Services (CSV) 10-Q 2002 Q1 Quarterly report

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EXHIBIT 12

CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)

		1997		1998		1999		2000*			2001		Three Months ended March 31, 2002
Fixed charges:
	Interest expense	$	5,889	$	9,720	$	17,358	$	20,705		$	19,585	$	4,587
	Amortization of capitalized expenses related to debt		200		150		242		1,026			759		190
	Rental expense		629		720		876		1,606			1,516		377
Total fixed charges before capitalized interest and preferred stock dividends			6,718		10,590		18,476		23,337			21,860		5,154
Capitalized interest			450		600		686		770			298		58
	Total fixed charges		7,168		11,190		19,162		24,107			22,158		5,212
Preferred stock dividends			1,627		1,082		167		88			46		—
	Total fixed charges plus preferred dividends		8,795		12,272		19,329		24,195			22,204		5,212
Earnings (loss) available for fixed charges:
Earnings (loss) before income taxes, extraordinary item and cumulative effect of change in accounting principle			8,217		17,023		19,361		(101,035	)		11,253		6,080
Add fixed charges before capitalized interest and preferred stock dividends			6,718		10,590		18,476		23,337			21,860		5,154
Total earnings (loss) available for fixed charges		$	14,935	$	27,613	$	37,837	$	(77,698	)	$	33,113	$	11,234
Ratio of earnings (loss) to fixed charges (1)			2.08		2.47		1.97		(3.22	)		1.49		2.16
Ratio of earnings (loss) to fixed charges plus dividends (1)			1.70		2.25		1.96		(3.21	)		1.49		2.16

(1)

For purposes of computing the ratios of earnings to fixed charges and earnings to fixed charges plus dividends: (i) earnings consist of income before provision for income taxes plus fixed charges (excluding capitalized interest) and (ii) "fixed charges" consist of interest expensed and capitalized, amortization of debt discount and expense relating to indebtedness and the portion of rental expense representative of the interest factor attributable to leases for rental property. There were no dividends paid or accrued on the Company's Common Stock during the periods presented above.

*

Earnings were inadequate to cover fixed charges. The coverage deficiency was $101,893,000 for 2000.

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CARRIAGE SERVICES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited and in thousands)