Exhibit 99.4
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
| Twelve months | ||||||||
| ended December 31, | ||||||||
| 2003 | 2002 | |||||||
| (Restated) | ||||||||
| note 2 | ||||||||
| Earnings: | ||||||||
| Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes | $ | 111,219 | $ | (119,850 | ) | |||
| Undistributed income of less than 50% owned equity investees | — | — | ||||||
| Minority interest in income of majority owned subsidiaries with fixed charges | 715 | 706 | ||||||
| Add: fixed charges as adjusted (from below) | 162,349 | 180,589 | ||||||
| $ | 274,283 | $ | 61,445 | |||||
| Fixed charges: | ||||||||
| Interest expense: | ||||||||
| Corporate | $ | 133,498 | $ | 153,770 | ||||
| Amortization of debt cost | 9,237 | 7,102 | ||||||
| 1/3 of rental expense | 19,614 | 19,717 | ||||||
| Fixed charges | 162,349 | 180,589 | ||||||
| Less: Capitalized interest | — | — | ||||||
| Fixed charges as adjusted | $ | 162,349 | $ | 180,589 | ||||
| Ratio (earnings divided by fixed charges) | 1.69 | A | ||||||
| A. | During the year ended December 31, 2002, the ratio coverage was less than 1:1. In order to achieve a coverage of 1:1, the Company would have had to generate additional income from continuing operations before income taxes and cumulative effects of accounting changes of $119,144 for the year ended December 31, 2002. |
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