SERVICE CORPORATION INTERNATIONAL Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, 1997 1996 - -------------------------------------------------------------------------------- (Thousands, except ratio amounts) Pretax income from continuing operations.................. $ 205,524 $ 113,223 Undistributed income of less than 50% owned equity investees................................... (476) (1,182) Minority interest in income of majority owned subsidiaries with fixed charges....................................... 106 232 Add fixed charges as adjusted (from below)................ 44,293 43,223 --------- --------- $ 249,447 $ 155,496 --------- --------- Fixed charges: Interest expense: Corporate.............................................. $ 33,929 $ 32,449 Financial services..................................... 1,712 2,691 Capitalized............................................ 863 492 Amortization of debt costs.............................. 609 237 1/3 of rental expense................................... 5,414 5,151 Dividends on convertible preferred stock of subsidiary.................................... 2,629 2,695 --------- --------- Fixed charges............................................. 45,156 43,715 Less: Capitalized interest.............................. (863) (492) --------- --------- Fixed charges as adjusted................................. $ 44,293 $ 43,223 ========= ========= Ratio (earnings divided by fixed charges)................. 5.52 3.56 ========= =========