EXHIBIT 12.1
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30,
2002 2001
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(Thousands, except ratio amounts)
(Loss) income before income taxes, extraordinary items and cumulative effects
of accounting changes............................................................... $ (131,484) $ 8,533
Undistributed income of less than 50% owned equity investees.......................... -- (1,705)
Minority interest in income of majority owned subsidiaries
with fixed charges.................................................................. 469 (507)
Add fixed charges as adjusted (from below)............................................ 95,953 129,494
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$ (35,062) $ 135,815
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Fixed charges:
Interest expense:
Corporate......................................................................... $ 81,546 $ 111,949
Amortization of debt costs........................................................ 3,246 3,008
1/3 of rental expense............................................................... 11,161 14,537
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Fixed charges ........................................................................ 95,953 129,494
Less: Capitalized interest.......................................................... -- --
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Fixed charges as adjusted............................................................. $ 95,953 $ 129,494
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Ratio (earnings divided by fixed charges)............................................. (A) 1.05
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(A) Due to the loss in the six months ended June 30, 2001, the ratio coverage
was less than 1:1. In order to achieve a coverage of 1:1, the Company would have
had to generate income before income taxes, extraordinary items and cumulative
effects of accounting changes of $95,484 for the six months ended June 30, 2002.
Excluding restructuring and non-recurring charges, the ratio of earnings to
fixed charges would have been 2.10 and 1.44 for the six months ended June 30,
2002 and 2001, respectively.