Centex 8-K Other Events

Exhibit 12.1

Ratio of Earnings to Fixed Charges
Total enterprise

	Nine Months Ended December 31,						Fiscal Years Ended March 31,
	2004			2003			2004			2003			2002			2001			2000
Fixed Charges
(A) Interest Expensed and Capitalized		349,376			279,918			378,718			318,349			271,290			187,794			126,815
Interest on JV’s with guaranteed debt		1,864			160			189			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)			included in (A)			included in (A)
(C) An estimate of the interest within rental expense		6,150			6,600			8,200			8,800			9,700			13,500			11,755
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A			N/A			N/A
Total Fixed Charges	$	357,390		$	286,678		$	387,107		$	328,007		$	280,990		$	201,294		$	138,570
Earnings
Add:
(A) Pre-tax earnings		998,294			754,221			1,149,064			747,350			580,230			404,812			306,300
Losses on JV’s with guaranteed debt		(30	)		—			—			(194	)		—			—			—
Add back: minority interest in consolidated subsidiaries		1,904			3,045			3,723			—			—			—			—
Adjust for income or loss from equity investees
Subtract : CDC earnings (add back losses)		—			(7,493	)		(14,945	)		(12,534	)		(18,739	)		(4,616	)		(456	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		(1,267	)		779			(2,646	)		(1,519	)		(4,267	)		786			101
		998,901			750,552			1,135,196			733,103			557,224			400,982			305,945
(B) Add back: fixed charges		357,390			286,678			387,107			328,007			280,990			201,294			138,570
(C) Add back: Amortization of capitalized interest		92,465			56,397			89,144			49,450			40,851			35,115			—
(D) Add back: distributed income of equity investee		N/A			N/A			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			N/A			N/A
		1,448,756			1,093,627			1,611,447			1,110,560			879,065			637,391			444,515
Subtract:
(A) Capitalized Interest		(132,793	)		(78,016	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)		—
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			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			N/A			N/A
		(132,793	)		(78,016	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)		—
Total Earnings	$	1,315,963		$	1,015,611		$	1,496,261		$	1,036,958		$	825,497		$	596,238		$	444,515
Ratio of earnings to fixed charges		3.68			3.54			3.87			3.16			2.94			2.96			3.21

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

	Nine Months Ended December 31,						Fiscal Years Ended March 31,
	2004			2003			2004			2003			2002			2001			2000
Fixed Charges
(A) Interest Expensed and Capitalized		146,953			113,226			154,866			133,898			112,145			95,222			65,139
Interest on JV with guaranteed debt		1,864			160			189			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)			included in (A)			included in (A)
(C) An estimate of the interest within rental expense		3,975			4,650			5,300			6,200			7,000			8,182			6,279
(D) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			N/A			N/A			N/A			N/A			N/A
Total Fixed Charges		152,792			118,036			160,355			140,956			119,145			103,404			71,418
Earnings
Add:
(A) Pre-tax earnings		998,294			754,221			1,149,064			747,350			580,230			404,812			306,300
Losses on JV’s with guaranteed debt		(30	)		—			—			(194	)		—			—			—
Add back: minority interest in consolidated subsidiaries		—			—			—			—			—			—			—
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (pre-tax)		(156,829	)		(185,752	)		(230,301	)		(161,825	)		(114,733	)		(19,667	)		(32,688	)
Subtract : CDC earnings (add back losses)		—			(7,493	)		(14,945	)		(12,534	)		(18,739	)		(4,616	)		(456	)
Subtract : JV earnings if earnings exceed distributions (add back all losses)		(1,267	)		779			(2,646	)		(1,519	)		(4,267	)		786			101
		840,168			561,755			901,172			571,278			442,491			381,315			273,257
(B) Add back: fixed charges		152,792			118,036			160,355			140,956			119,145			103,404			71,418
(C) Add back: Amortization of capitalized interest		92,465			56,397			89,144			49,450			40,851			35,115			—
(D) Add back: distributed income of equity investee		N/A			N/A			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			N/A			N/A
		1,085,425			736,188			1,150,671			761,684			602,487			519,834			344,675
Subtract:
(A) Capitalized Interest		(132,793	)		(78,016	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)		—
(B) Preference security dividend requirements of consolidated subsidiaries		N/A			N/A			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			N/A			N/A
		(132,793	)		(78,016	)		(115,186	)		(73,602	)		(53,568	)		(41,153	)		—
Total Earnings	$	952,632		$	658,172		$	1,035,485		$	688,082		$	548,919		$	478,681		$	344,675
Ratio of earnings to fixed charges		6.23			5.58			6.46			4.88			4.61			4.63			4.83