COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
EXHIBIT 12.1 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
The following table sets forth the ratio of earnings to fixed charges of the Company for the six months ended June 30, 2002 and May 31, 2001, and for the ten-month period ended December 31, 2001, the Company’s Transitional Fiscal Year, and the previous four fiscal years ended February 28 (29) computed by dividing net fixed charges (interest expense on all debt plus the interest element (one-third) of operating leases) into earnings (earnings before income taxes and fixed charges).
Ten Months Ended
Six Months Ended Fiscal Years Ended February 28(29),
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June 30, May 31, December 31,
(Dollars are in 2002 2001 2001 2001 2000 1999 1998
thousands)
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Net earnings $358,415 $227,296 $486,006 $374,153 $410,243 $385,401 $344,983
Income tax expense 212,953 132,379 302,613 211,882 220,955 246,404 220,563
Interest charges 659,606 820,178 1,474,719 1,330,724 904,713 962,303 556,032
Interest portion of
rental expense 11,918 9,055 16,201 17,745 19,080 14,898 10,055
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Earnings available to
cover fixed charges $1,242,892 $1,188,908 $2,279,539 $1,934,504 $1,554,991 $1,609,006 $1,131,633
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Fixed charges
Interest charges $659,606 $820,178 $1,474,719 $1,330,724 $904,713 $962,303 $556,032
Interest portion of
rental expense 11,918 9,055 16,201 17,745 19,080 14,898 10,055
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Total fixed charges $671,524 $829,233 $1,490,920 $1,348,469 $923,793 $977,201 $566,087
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Ratio of earnings
to fixed charges 1.85 1.43 1.53 1.43 1.68 1.65 2.00
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