SERVICE CORPORATION INTERNATIONAL Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, 1998 1997 - --------------------------------------------------------------------------------------- (Thousands, except ratio amounts) Pretax income from continuing operations................. $437,119 $438,407 Undistributed income of less than 50% owned equity investees........................................ (5,814) (2,618) Minority interest in income of majority owned subsidiaries with fixed charges......................... 320 128 Add fixed charges as adjusted (from below)............... 146,651 126,782 -------- -------- $578,276 $562,699 -------- -------- Fixed charges: Interest expense: Corporate.............................................. $126,386 $ 99,372 Financial services..................................... 7,372 5,857 Capitalized............................................ 2,431 2,681 Amortization of debt costs............................. (396) 993 1/3 of rental expense.................................. 13,289 16,178 Dividends on convertible preferred stock of subsidiary. - 4,382 -------- -------- Fixed charges............................................ 149,082 129,463 Less: Capitalized interest............................. (2,431) (2,681) -------- -------- Fixed charges as adjusted................................ $146,651 $126,782 ======== ======== Ratio (earnings divided by fixed charges)................ 3.88 4.35 ======== ========