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, 1999 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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1999 1998 1997 1996 1995
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Net earnings $385,401 $344,938 $257,358 $195,720 $88,407
Income tax expense 246,404 220,563 164,540 130,480 58,938
Interest charges 983,829 568,359 423,447 337,655 267,685
Interest portion of rental expense 14,898 10,055 7,420 6,803 7,379
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Earnings available to cover
fixed charges $1,630,532 $1,143,915 $852,765 $670,658 $422,409
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Fixed charges
Interest charges 983,829 568,359 423,447 337,655 267,685
Interest portion of rental expense 14,898 10,055 7,420 6,803 7,379
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Total fixed charges $998,727 $578,414 $430,867 $344,458 $275,064
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Ratio of earnings to fixed charges 1.63 1.98 1.98 1.95 1.54
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