EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, 2002 2001 - --------------------------------------------------------------------------------------------------------------------------- (Thousands, except ratio amounts) Pretax income from continuing operations.............................................. $ 64,372 $ 10,034 Undistributed income of less than 50% owned equity investees.......................... - (857) Minority interest in income of majority owned subsidiaries with fixed charges................................................................... 164 183 Add fixed charges as adjusted (from below)............................................ 49,221 68,481 ------------- ------------ $ 113,757 $ 77,841 ------------- ------------ Fixed charges: Interest expense: Corporate ................................................................ $ 41,815 $ 59,294 Financial services........................................................... - - Capitalized ................................................................ - - Amortization of debt costs................................................... 1,571 1,512 1/3 of rental expense................................................................ 5,835 7,675 ------------- ------------ Fixed charges ........................................................................ 49,221 68,481 Less: Capitalized interest......................................................... - - ------------- ------------ Fixed charges as adjusted............................................................. $ 49,221 $ 68,481 ============= ============ Ratio (earnings divided by fixed charges)............................................. 2.31 1.14 ============= ============ Excluding restructuring and non-recurring charges, the ratio of earnings to fixed charges would have been 2.41 and 1.50 for the three months ended March 31, 2002 and 2001, respectively. 35