SERVICE CORPORATION INTERNATIONAL Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30,
1997 1996
- ---------------------------------------------------------------------------
(Thousands, except ratio amounts)
Pretax income from continuing operations......... $326,814 $210,791
Undistributed income of less than 50%
owned equity investees........................ (2,049) (3,222)
Minority interest in income of majority owned
subsidiaries with fixed charges................. 125 395
Add fixed charges as adjusted (from below)....... 86,524 88,063
-------- --------
$411,414 $296,027
-------- --------
Fixed charges:
Interest expense:
Corporate................................ $ 66,762 $ 66,215
Financial services....................... 3,719 5,450
Capitalized.............................. 1,704 994
Amortization of debt costs................. 869 716
1/3 of rental expense...................... 10,792 10,291
Dividends on convertible preferred stock
of subsidiary............................ 4,382 5,391
Fixed charges.................................... 88,228 89,057
-------- --------
Less: Capitalized interest................. (1,704) (994)
-------- --------
Fixed charges as adjusted........................ $ 86,524 $ 88,063
======== ========
Ratio (earnings divided by fixed charges)........ 4.66 3.32
======== ========