Carriage Services (CSV) 10-K2009 FY Annual report

Filed: 5 Mar 10, 12:00am

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EXHIBIT 12

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


	2005			2006		2007		2008		2009
Fixed charges:
Interest expense	$	24,770		$	17,794	$	17,630	$	17,606	$	17,731
Amortization of capitalized expenses related to debt		754			714		714		725		767
Rental expense factor		1,268			1,245		1,235		1,278		1,284

Total fixed charges before capitalized interest		26,792			19,753		19,579		19,609		19,782
Capitalized interest		46			50		59		56		—

Total fixed charges	$	26,838		$	19,803	$	19,638	$	19,665	$	19,782


Earnings available for fixed charges:
Earnings (loss) before income taxes and cumulative effect of change in accounting principle	$	(1,939	)	$	5,842	$	12,317	$	3,529	$	11,845
Add fixed charges before capitalized interest		26,792			19,753		19,579		19,609		19,782

Total earnings available for fixed charges	$	24,853		$	25,595	$	31,896	$	23,138	$	31,627


Ratio of earnings to fixed charges⁽¹⁾		0.93			1.29		1.62		1.18		1.60


⁽¹⁾		For purposes of computing the ratios of earnings to fixed charges and earnings to fixed charges plus dividends: (i) earnings consist of income from continuing operations 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.