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 28, 1997 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 28(29),
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1997 1996 1995 1994 1993
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Net earnings $257,358 $195,720 $88,407 $179,460 $140,073
Income tax expense 164,540 130,480 58,938 119,640 93,382
Interest charges 316,705 281,573 205,464 219,898 128,612
Interest portion of rental expense 7,420 6,803 7,379 6,372 4,350
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Earnings available to cover
fixed charges $746,023 $614,576 $360,188 $525,370 $366,417
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Fixed charges
Interest charges 316,705 281,573 205,464 219,898 128,612
Interest portion of rental expense 7,420 6,803 7,379 6,372 4,350
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Total fixed charges $324,125 $288,376 $212,843 $226,270 $132,962
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Ratio of earnings to fixed charges 2.30 2.13 1.69 2.32 2.76
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