Centex 8-K Other events

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges
Total enterprise (with financial services reflected on the equity method)

	Nine Months Ended
	December 31,
	2003			2002
Fixed Charges
(A) Interest Expensed and Capitalized		116,372			104,997
Interest on JV with guaranteed debt		—			628
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness	included in (A)			included in (A)
(C) An estimate of the interest within rental expense		5,400			6,075
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A
Total Fixed Charges		121,772			111,700
Earnings
ADD:
(A) Pre-tax earnings		803,290			510,724
Losses on JV’s with guaranteed debt		—			(107	)
Add back: minority interest in consolidated subsidiaries		27,441			25,448
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (pre-tax)		(185,752	)		(111,066	)
Subtract : CDC earnings (add back losses)		(29,083	)		(17,973	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		779			(2,275	)
		616,675			404,751
(B) Add back: fixed charges		121,772			111,700
(C) Add back: Amortization of capitalized interest		56,397			31,341
(D) Add back: distributed income of equity investee		N/A			N/A
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.		N/A			N/A
		794,844			547,792
Subtract
(A) Capitalized Interest		(77,856	)		(52,157	)
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		N/A			N/A
		(77,856	)		(52,157	)
Total Earnings	$	716,988		$	495,635
Ratio of earnings to fixed charges		5.89			4.44

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Fiscal Years Ended March 31,
	2003			2002			2001			2000			1999
Fixed Charges
(A) Interest Expensed and Capitalized		143,682			128,483			105,107			66,844			41,581
Interest on JV with guaranteed debt		858			—			—			—			—
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness	included in (A)			included in (A)			included in (A)			included in (A)			included in (A)
(C) An estimate of the interest within rental expense		7,200			11,043			9,645			7,950			6,262
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A
Total Fixed Charges		151,740			139,526			114,752			74,794			47,843
Earnings
ADD:
(A) Pre-tax earnings		794,851			618,765			436,331			416,861			373,294
Losses on JV’s with guaranteed debt		(194	)		—			—			—			—
Add back: minority interest in consolidated subsidiaries		30,373			20,776			32,415			64,772			53,613
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (pre-tax)		(161,825	)		(114,733	)		(19,667	)		(32,688	)		(92,512	)
Subtract : CDC earnings (add back losses)		(12,534	)		(18,739	)		(4,616	)		(456	)		(430	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		(1,519	)		(4,267	)		786			101			418
		649,152			501,802			445,249			448,590			334,383
(B) Add back: fixed charges		151,740			139,526			114,752			74,794			47,843
(C) Add back: Amortization of capitalized interest		49,450			40,851			35,115			—			—
(D) Add back: distributed income of equity investee		N/A			N/A			N/A			N/A			N/A
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.		N/A			N/A			N/A			N/A			N/A
		850,342			682,179			595,116			523,384			382,226
Subtract
(A) Capitalized Interest		(73,602	)		(53,568	)		(41,153	)		—			—
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		N/A			N/A			N/A			N/A			N/A
		(73,602	)		(53,568	)		(41,153	)		—			—
Total Earnings	$	776,740		$	628,611		$	553,963		$	523,384		$	382,226
Ratio of earnings to fixed charges		5.12			4.51			4.83			7.00			7.99

Ratio of Earnings to Fixed Charges
Total Enterprise

	Nine Months Ended
	December 31,
	2003			2002
Fixed Charges
(A) Interest Expensed and Capitalized		283,064			241,344
Interest on JV with guaranteed debt		—			628
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness	included in (A)			included in (A)
(C) An estimate of the interest within rental expense		6,975			7,950
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A
Total Fixed Charges	$	290,039		$	249,922
Earnings
ADD:
(A) Pre-tax earnings		803,290			510,724
Losses on JV’s with guaranteed debt		—			(107	)
Add back: minority interest in consolidated subsidiaries		27,441			25,448
Adjust for income or loss from equity investees
Subtract : CDC earnings (add back losses)		(29,083	)		(17,973	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		779			(2,275	)
		802,427			515,817
(B) Add back: fixed charges		290,039			249,922
(C) Add back: Amortization of capitalized interest		56,397			31,341
(D) Add back: distributed income of equity investee		N/A			N/A
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.		N/A			N/A
		1,148,863			797,080
Subtract
(A) Capitalized Interest		(77,856	)		(52,157	)
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		N/A			N/A
		(77,856	)		(52,157	)
Net Earnings	$	1,071,007		$	744,923
Ratio of earnings to fixed charges		3.69			2.98

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Fiscal Years Ended March 31,
	2003			2002			2001			2000			1999
Fixed Charges
(A) Interest Expensed and Capitalized		328,133			287,628			197,679			128,520			118,451
Interest on JV with guaranteed debt		858			—			—			—			—
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness	included in (A)			included in (A)			included in (A)			included in (A)			included in (A)
(C) An estimate of the interest within rental expense		9,300			11,043			12,839			8,357			10,457
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A
Total Fixed Charges	$	338,291		$	298,671		$	210,518		$	136,877		$	128,908
Earnings
ADD:
(A) Pre-tax earnings		794,851			618,765			436,331			416,861			373,294
Losses on JV’s with guaranteed debt		(194	)		—			—			—			—
Add back: minority interest in consolidated subsidiaries		30,373			20,776			32,415			64,772			53,613
Adjust for income or loss from equity investees
Subtract : CDC earnings (add back losses)		(12,534	)		(18,739	)		(4,616	)		(456	)		(430	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		(1,519	)		(4,267	)		786			101			418
		810,977			616,535			464,916			481,278			426,895
(B) Add back: fixed charges		338,291			298,671			210,518			136,877			128,908
(C) Add back: Amortization of capitalized interest		49,450			40,851			35,115			—			—
(D) Add back: distributed income of equity investee		N/A			N/A			N/A			N/A			N/A
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.		N/A			N/A			N/A			N/A			N/A
		1,198,718			956,057			710,549			618,155			555,803
Subtract
(A) Capitalized Interest		(73,602	)		(53,568	)		(41,153	)		—			—
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		N/A			N/A			N/A			N/A			N/A
		(73,602	)		(53,568	)		(41,153	)		—			—
Net Earnings	$	1,125,116		$	902,489		$	669,396		$	618,155		$	555,803
Ratio of earnings to fixed charges		3.33			3.02			3.18			4.52			4.31