Exhibit 12.1
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
Twelve months ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | (Restated) | ||||||||||||||||
Note 2 | Note 2 | Note 2 | Note 2 | Note 2 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and cumulative effects of accounting changes | $ | 112,263 | $ | 111,174 | $ | (123,302 | ) | $ | (416,618 | ) | $ | (464,248 | ) | |||||||
Undistributed income of less than 50% owned equity investees | — | — | — | (939 | ) | (2,510 | ) | |||||||||||||
Minority interest in income of majority owned subsidiaries with fixed charges | 594 | 715 | 706 | (799 | ) | 408 | ||||||||||||||
Add: fixed charges as adjusted (from below) | 137,359 | 158,284 | 177,769 | 241,951 | 319,183 | |||||||||||||||
$ | 250,216 | $ | 270,173 | $ | 55,173 | $ | (176,405 | ) | $ | (147,167 | ) | |||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Corporate | $ | 108,141 | $ | 129,388 | $ | 150,871 | $ | 204,751 | $ | 273,723 | ||||||||||
Financial service | — | — | — | — | 8,833 | |||||||||||||||
Capitalized | — | — | — | — | 1 | |||||||||||||||
Amortization of debt cost | 10,047 | 9,237 | 7,102 | 6,106 | 6,392 | |||||||||||||||
1/3 of rental expense | 19,171 | 19,659 | 19,796 | 31,094 | 30,235 | |||||||||||||||
Fixed charges | 137,359 | 158,284 | 177,769 | 241,951 | 319,184 | |||||||||||||||
Less: Capitalized interest | — | — | — | — | (1 | ) | ||||||||||||||
Fixed charges as adjusted | $ | 137,359 | $ | 158,284 | $ | 177,769 | $ | 241,951 | $ | 319,183 | ||||||||||
Ratio (earnings divided by fixed charges) | 1.82 | 1.71 | A | A | A |
A. | During the twelve months ended December 31, 2002, 2001 and 2000 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 $122,596, $418,356 and $466,350 for the twelve months ended December 31, 2002, 2001 and 2000, respectively. |