1 EXHIBIT 12.1 SERVICE CORPORATION INTERNATIONAL RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, 1996 1995 - ------------------------------------------------------------------------------------------------------ (Thousands, except ratio amounts) Pretax income .................................................... $299,565 $206,081 Undistributed income of less than 50% owned equity investees ..... (4,359) (2,213) Minority interest in income of majority owned subsidiaries with fixed charges ............................................ 408 1,713 Add fixed charges as adjusted (from below) ....................... 132,885 113,289 -------- -------- $428,499 $318,870 -------- -------- Fixed charges: Interest expense: Corporate .................................................. $101,511 $ 85,063 Financial services ......................................... 7,344 8,032 Capitalized ................................................ 1,565 200 Amortization of debt costs .................................... 1,415 824 Dividends on convertible preferred stock of subsidiary ........ 8,086 8,086 1/3 of rental expense ......................................... 14,529 11,284 -------- -------- Fixed charges ................................................. 134,450 113,489 Less: Capitalized interest .................................... (1,565) (200) -------- -------- Fixed charges as adjusted ........................................ $132,885 $113,289 ======== ======== Ratio (earnings divided by fixed charges) ........................ 3.19 2.81 ======== ========