EXHIBIT 12.1
COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
The following table sets forth the ratio of earnings to fixed charges of
Countrywide Credit Industries, Inc. for the six months ended August 31, 1996 and
1995 and for the five fiscal years ended February 29(28), 1996 computed by
dividing net fixed charges (interest expense on all debt plus the interest
element (one-third) of operating leases) into earnings (income before income
taxes and fixed charges).
SIX MONTHS ENDED
AUGUST 31, FISCAL YEARS ENDED FEBRUARY 29(28),
----------------------- ------------------------------------------------------
1996 1995 1996 1995 1994 1993 1992
---------- --------- ---------- --------- --------- --------- ----------
Net Earnings $123,121 $ 85,128 $195,720 $ 88,407 $179,460 $140,073 $ 60,196
Income tax expense 78,717 56,752 130,480 58,938 119,640 93,382 40,131
Interest charges 153,309 135,417 281,573 205,464 219,898 128,612 69,760
Interest portion of rental
expense 3,675 3,342 6,803 7,379 6,372 4,350 2,814
-------- --------- --------- -------- --------- --------- ---------
Earnings available to cover
fixed charges $358,822 $280,639 $614,576 $360,188 $525,370 $366,417 $172,901
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Fixed charges
Interest charges $153,309 $135,417 $281,573 $205,464 $219,898 $128,612 $ 69,760
Interest portion of rental
expense 3,675 3,342 6,803 7,379 6,372 4,350 2,814
-------- --------- --------- -------- --------- --------- ---------
Total fixed charges $156,984 $138,759 $288,376 $212,843 $226,270 $132,962 $ 72,574
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Ratio of earnings to fixed
charges 2.29 2.02 2.13 1.69 2.32 2.76 2.38
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