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CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)
| 1997 | 1998 | 1999 | 2000* | 2001 | Six Months Ended June 30, 2002 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 5,889 | $ | 9,720 | $ | 17,358 | $ | 20,705 | $ | 19,585 | $ | 9,697 | |||||||
Amortization of capitalized expenses related to debt | 200 | 150 | 242 | 1,026 | 759 | 380 | |||||||||||||
Rental expense | 629 | 720 | 876 | 1,606 | 1,516 | 768 | |||||||||||||
Total fixed charges before capitalized interest and preferred stock dividends | 6,718 | 10,590 | 18,476 | 23,337 | 21,860 | 10,845 | |||||||||||||
Capitalized interest | 450 | 600 | 686 | 770 | 298 | 100 | |||||||||||||
Total fixed charges | 7,168 | 11,190 | 19,162 | 24,107 | 22,158 | 10,945 | |||||||||||||
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 | 10,945 | |||||||||||||
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 | 8,519 | ||||||||||||
Add fixed charges before capitalized interest and preferred stock dividends | 6,718 | 10,590 | 18,476 | 23,337 | 21,860 | 10,845 | |||||||||||||
Total earnings (loss) available for fixed charges | $ | 14,935 | $ | 27,613 | $ | 37,837 | $ | (77,698 | ) | $ | 33,113 | $ | 19,364 | ||||||
Ratio of earnings (loss) to fixed charges(1) | 2.08 | 2.47 | 1.97 | (3.22 | ) | 1.49 | 1.77 | ||||||||||||
Ratio of earnings (loss) to fixed charges plus dividends(1) | 1.70 | 2.25 | 1.96 | (3.21 | ) | 1.49 | 1.77 | ||||||||||||
- (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.
CARRIAGE SERVICES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited and in thousands)