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 five fiscal years ended February 29, 2000 computed by dividing
net fixed charges (interest expense on all debt plus the interest element
(one-third) of operating leases) into earnings (income before income taxes and
fixed charges).
For Fiscal Years Ended February 29(28),
------------- - -------------- -- -------------- - ------------- -- -------------
2000 1999 1998 1997 1996
------------- -------------- -------------- ------------- -------------
Net earnings $410,243 $385,401 $344,983 $257,358 $195,720
Income tax expense 220,955 246,404 220,563 164,540 130,480
Interest charges 930,294 983,829 568,359 423,447 337,655
Interest portion of rental expense 19,080 14,898 10,055 7,420 6,803
------------- -------------- -------------- ------------- -------------
Earnings available to cover
fixed charges $1,580,572 $1,630,532 $1,143,960 $852,765 $670,658
============= ============== ============== ============= =============
Fixed charges
Interest charges 930,294 983,829 568,359 423,447 337,655
Interest portion of rental expense 19,080 14,898 10,055 7,420 6,803
------------- -------------- -------------- ------------- -------------
Total fixed charges $949,374 $998,727 $578,414 $430,867 $344,458
============= ============== ============== ============= =============
Ratio of earnings to fixed charges 1.66 1.63 1.98 1.98 1.95
============= ============== ============== ============= =============