1 Exhibit 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, 1996 1995 - ---------------------------------------------------------------------------------------------------------------- (Thousands, except ratio amounts) Pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113,223 $ 77,559 Undistributed income of less than 50% owned equity investees . . . . . . . (1,182) (690) Minority interest in income of majority owned subsidiaries with fixed charges . . . . . . . . . . . . . . . . . . . . . . . . . . 232 767 Add fixed charges as adjusted (from below) . . . . . . . . . . . . . . . . 40,528 31,520 ------------ ------------ $ 152,801 $ 109,156 ------------ ------------ Fixed charges: Interest expense: Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,449 $ 25,284 Financial services . . . . . . . . . . . . . . . . . . . . . . . . 2,691 2,668 Capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 125 Amortization of debt costs . . . . . . . . . . . . . . . . . . . . . . 237 134 1/3 of rental expense . . . . . . . . . . . . . . . . . . . . . . . . 5,151 3,434 Dividends on convertible preferred stock of subsidiary . . . . . . . . 2,695 2,695 ------------ ------------ Fixed charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,715 34,340 Less: Capitalized interest . . . . . . . . . . . . . . . . . . . . . (492) (125) Dividends on convertible preferred stock of subsidiary . . . . (2,695) (2,695) ------------ ------------ Fixed charges as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,528 $ 31,520 ============ ============ Ratio (earnings divided by fixed charges) . . . . . . . . . . . . . . . . . 3.50 3.18 ============ ============