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EXHIBIT 12.1
SERVICE CORPORATION INTERNATIONAL
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands, except ratio amounts)
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Pretax income .......................... $413,881 $294,211 $219,021 $173,492 $139,336
Undistributed income of less than
50% owned equity investees............ (6,173) (3,847) (1,019) (325) (718)
Minority interest in income of
majority owned subsidiaries
with fixed charges.................... 933 1,878 2,234 1,938 1,798
Add fixed charges as adjusted
(from below).......................... 178,291 155,552 102,370 78,841 68,584
-------- -------- -------- -------- --------
$586,932 $447,794 $322,606 $253,946 $209,000
-------- -------- -------- -------- --------
Fixed charges:
Interest expense:
Corporate........................... $136,008 $118,148 $ 80,123 $ 59,631 $ 53,902
Financial services.................. 8,913 10,782 9,912 7,725 5,826
Capitalized......................... 3,099 1,865 584 705 481
Amortization of debt costs............ 2,549 1,093 311 288 328
1/3 of rental expense................. 20,040 14,748 11,485 11,197 8,528
Dividends on preferred securities
of SCI Finance LLC.................. 10,781 10,781 539 -- --
-------- -------- -------- -------- --------
Fixed charges........................... 181,390 157,417 102,954 79,546 69,065
Less: Capitalized interest............ (3,099) (1,865) (584) (705) (481)
-------- -------- -------- -------- --------
Fixed charges as adjusted............... $178,291 $155,552 $102,370 $ 78,841 $ 68,584
-------- -------- -------- -------- --------
Ratio (earnings divided by fixed
charges).............................. 3.24 2.84 3.13 3.19 3.03