Centex 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

Centex Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands, except ratios)

	Six Months Ended September 30,						Fiscal Years Ended March 31,(1)
	2007			2006			2007			2006			2005			2004			2003
Total Enterprise:
Earnings
Earnings (Loss) from continuing operations(2)	$	(1,217,350	)	$	409,632		$	102,773		$	1,872,276		$	1,378,131		$	1,029,045		$	649,091
Minority interests in income of consolidated subsidiaries		829			1,498			2,587			3,469			2,467			3,723			—
Undistributed (income) loss from equity investments		(1,103	)		17,617			79,615			6,298			(3,717	)		(16,023	)		6,885
Fixed charges		182,800			201,035			421,991			322,633			236,401			182,945			148,655
Interest capitalized		(132,465	)		(153,118	)		(308,023	)		(232,860	)		(176,874	)		(115,186	)		(73,602	)
Amortization of capitalized interest		145,794			83,920			246,579			171,189			131,937			89,144			49,450
Net Earnings (Loss)	$	(1,021,495	)	$	560,584		$	545,522		$	2,143,005		$	1,568,345		$	1,173,648		$	780,479
Fixed Charges
Interest expense including amortization of debt discount(3)	$	175,500		$	195,785		$	407,391		$	312,133		$	228,501		$	176,645		$	141,755
Interest factor attributable to rentals		7,300			5,250			14,600			10,500			7,900			6,300			6,900
Total Fixed Charges	$	182,800		$	201,035		$	421,991		$	322,633		$	236,401		$	182,945		$	148,655
Ratio of Earnings to Fixed Charges		(5.59	)		2.79			1.29			6.64			6.63			6.42			5.25
Total Enterprise (with financial services reflected on the equity method):(4)
Earnings
Earnings (Loss) from continuing operations(2)	$	(1,217,350	)	$	409,632		$	102,773		$	1,872,276		$	1,378,131		$	1,029,045		$	649,091
Undistributed (income) loss from equity investments		38,010			(31,634	)		(4,915	)		(78,167	)		(99,689	)		(181,801	)		(107,791	)
Fixed charges		143,633			156,835			327,463			253,529			201,752			158,020			139,856
Interest capitalized		(132,465	)		(153,118	)		(308,023	)		(232,860	)		(176,874	)		(115,186	)		(73,602	)
Amortization of capitalized interest		145,794			83,920			246,579			171,189			131,937			89,144			49,450
Net Earnings (Loss)	$	(1,022,378	)	$	465,635		$	363,877		$	1,985,967		$	1,435,257		$	979,222		$	657,004
Fixed Charges
Interest expense including amortization of debt discount(3)	$	138,433		$	153,185		$	317,063		$	246,229		$	196,352		$	154,720		$	134,756
Interest factor attributable to rentals		5,200			3,650			10,400			7,300			5,400			3,300			5,100
Total Fixed Charges	$	143,633		$	156,835		$	327,463		$	253,529		$	201,752		$	158,020		$	139,856
Ratio of Earnings to Fixed Charges		(7.12	)		2.97			1.11			7.83			7.11			6.20			4.70

(1)	The ratios presented in this table have been adjusted to reflect our Construction Services (sold in March 2007), Home Equity (sold in July 2006), International Homebuilding (sold in September 2005), Construction Products (spun off in January 2004), and Manufactured Homes (spun off in June 2003) as discontinued operations.
(2)	Earnings (Loss) from Continuing Operations are Before Income Taxes and Cumulative Effect of a Change in Accounting Principle adopted in fiscal 2004.
(3)	Excludes interest related to our unrecognized tax benefits as such interest is included as a component of the income tax provision.
(4)	Represents a supplemental presentation that reflects the Financial Services segment as if accounted for under the equity method. We believe that separate disclosure of the consolidating information is useful because the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning. We also use this presentation to allow investors to compare us to homebuilders that do not have financial services operations.