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CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED AND IN THOUSANDS)
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SIX
MONTHS ENDED
JUNE 30,
1996* 1997 1998 1999 2000** 2001
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Fixed charges:
Interest expense $ 4,347 $ 5,889 $ 9,720 $ 17,358 $ 20,705 $ 10,271
Amortization of capitalized
expenses related to debt 150 200 150 242 1,026 380
Rental expense 308 629 720 876 1,606 768
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Total fixed charges before
capitalized interest and
preferred stock dividends 4,805 6,718 10,590 18,476 23,337 11,419
Capitalized interest 250 450 600 686 770 202
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Total fixed charges 5,055 7,168 11,190 19,162 24,107 11,621
Preferred stock dividends 1,037 1,627 1,082 167 88 40
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Total fixed charges
plus preferred dividends 6,092 8,795 12,272 19,329 24,195 11,661
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Earnings (loss) available for fixed charges:
Earnings (loss) before income taxes,
extraordinary item and cumulative effect
of change in accounting principle 345 8,217 17,023 19,361 (101,035) 7,403
Add fixed charges before
capitalized interest and
preferred stock dividends 4,805 6,718 10,590 18,476 23,337 11,419
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Total earnings (loss) available
for fixed charges $ 5,150 $ 14,935 $ 27,613 $ 37,837 $ (77,698) $ 18,822
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Ratio of earnings (loss) to
fixed charges (1) 1.02 2.08 2.47 1.97 (3.22) 1.62
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Ratio of earnings (loss) to fixed
charges plus dividends (1) 0.85 1.70 2.25 1.96 (3.21) 1.61
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(1) For purposes of computing the ratios of earnings to fixed charges and
earnings to fixed charges plus dividends: (i) earnings consist of income
before provision for income taxes plus fixed charges (excluding capitalized
interest) and (ii) "fixed charges" consist of interest expensed and
capitalized, amortization of debt discount and expense relating to
indebtedness and the portion of rental expense representative of the
interest factor attributable to leases for rental property. There were no
dividends paid or accrued on the Company's common stock during the periods
presented above.
* Earnings were inadequate to cover fixed charges. The coverage deficiency
was $942,000 for 1996.
** Earnings to cover fixed charges were insufficient by $101.8 million for
the year ended December 31, 2000. Earnings to cover fixed charges and
preferred stock dividends were insufficient by $101.9 million for the year
ended December 31, 2000.