Exhibit 12.1
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO AMOUNTS)
TWELVE MONTHS
ENDED DECEMBER 31,
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2003 2002
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(RESTATED)
Earnings:
Income (loss) from continuing operations before income taxes and cumulative
effects of accounting changes.................................................... $ 114,333 $ (134,170)
Undistributed income of less than 50% owned equity investees........................ - -
Minority interest in income of majority owned subsidiaries with fixed charges....... 715 706
Add: fixed charges as adjusted (from below)........................................ 163,040 181,211
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$ 278,088 $ 47,747
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Fixed charges:
Interest expense:
Corporate.................................................................. $ 134,189 $ 154,392
Amortization of debt cost....................................................... 9,237 7,102
1/3 of rental expense........................................................... 19,614 19,717
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Fixed charges................................................................... 163,040 181,211
Less: Capitalized interest..................................................... - -
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Fixed charges as adjusted....................................................... $ 163,040 $ 181,211
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Ratio (earnings divided by fixed charges)........................................... 1.71 A
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A. During the twelve months ended December 31, 2002, the ratio coverage
was less than 1:1. In order to achieve a coverage of 1:1, the Company
would have had to generate additional income from continuing operations
before income taxes and cumulative effects of accounting changes of
$133,464 for the twelve months ended December 31, 2002.