1
EXHIBIT 12.1
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TRADITIONAL
(Excluding CMO's and Savings and Loan)
SIX MONTHS ENDED
SEPTEMBER 30, YEAR ENDED YEAR ENDED
2000 1999 03/31/00 03/31/99
--------------- --------------- --------------- ---------------
FIXED CHARGES
(A) Interest Expensed and Capitalized 46,705 27,361 66,844 41,581
(B) Amortized Premiums, Discounts and
capitalized interest related to indebtedness included in (A) included in (A) included in (A) included in (A)
(C) An estimate of the interest within
rental expense 6,636 5,102 8,357 10,457
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A N/A
--------- --------- --------- ---------
TOTAL FIXED CHARGES $ 53,341 $ 32,463 $ 75,201 $ 52,038
========= ========= ========= =========
EARNINGS
ADD:
(A) Pre-tax earnings 173,994 200,441 416,861 373,294
Add back: minority interest in consolidated subsidiaries 24,533 34,706 64,772 53,613
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (pre-tax) (2,273) (33,173) (32,474) (92,309)
Subtract: CDC earnings (add back losses) (215) (76) (456) (430)
Subtract: CXP earnings (Fy95 and 96) -- -- -- --
Adjust for CFMC (earnings) loss -- (105) (214) (203)
--------- --------- --------- ---------
196,039 201,793 448,489 333,965
(B) Add back: fixed charges 53,341 32,463 75,201 52,038
(C) Add back: Amortization of capitalized interest -- -- -- --
(D) Add back: distributed income of equity investee N/A N/A N/A N/A
(E) Your share of pre-tax losses of equity investees for
which charges arising from guarantees are included
in fixed charges -- -- -- --
--------- --------- --------- ---------
249,380 234,256 523,690 386,003
SUBTRACT
(A) Capitalized Interest (2,750) -- -- --
(B) Preference security dividend requirements of
consolidated subsidiaries N/A N/A N/A N/A
(C) Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges -- -- -- --
--------- --------- --------- ---------
(2,750) -- -- --
TOTAL EARNINGS $ 246,630 $ 234,256 $ 523,690 $ 386,003
========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES 4.62 7.22 6.96 7.42
YEAR ENDED YEAR ENDED YEAR ENDED
03/31/98 03/31/97 03/31/96
--------------- --------------- ---------------
FIXED CHARGES
(A) Interest Expensed and Capitalized 33,256 34,062 40,862
(B) Amortized Premiums, Discounts and
capitalized interest related to indebtedness included in (A) included in (A) included in (A)
(C) An estimate of the interest within
rental expense 7,886 6,186 4,331
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A
--------- --------- ---------
TOTAL FIXED CHARGES $ 41,142 $ 40,248 $ 45,193
========= ========= =========
EARNINGS
ADD:
(A) Pre-tax earnings 231,634 163,734 87,786
Add back: minority interest in consolidated subsidiaries 43,447 31,690 --
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (pre-tax) (31,371) (24,410) (17,155)
Subtract: CDC earnings (add back losses) (3,577) (925) (277)
Subtract: CXP earnings (Fy95 and 96) -- -- (25,628)
Adjust for CFMC (earnings) loss (191) (191) (15)
--------- --------- ---------
239,942 169,898 44,711
(B) Add back: fixed charges 41,142 40,248 45,193
(C) Add back: Amortization of capitalized interest -- -- --
(D) Add back: distributed income of equity investee N/A N/A N/A
(E) Your share of pre-tax losses of equity investees for
which charges arising from guarantees are included
in fixed charges -- -- --
--------- --------- ---------
281,084 210,146 89,904
SUBTRACT
(A) Capitalized Interest -- -- --
(B) Preference security dividend requirements of
consolidated subsidiaries N/A N/A N/A
(C) Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges -- -- --
--------- --------- ---------
-- -- --
TOTAL EARNINGS $ 281,084 $ 210,146 $ 89,904
========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES 6.83 5.22 1.99
2
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TOTAL COMPANY
(including CMO's and Savings and Loan) SIX MONTHS ENDED
SEPTEMBER 30, YEAR ENDED YEAR ENDED
2000 1999 03/31/2000 03/31/1999
--------------- --------------- --------------- ---------------
FIXED CHARGES
(A) Interest Expensed and Capitalized 79,683 63,385 128,520 118,451
(B) Amortized Premiums, Discounts and
capitalized interest related to indebtedness included in (A) included in (A) included in (A) included in (A)
(C) An estimate of the interest within
rental expense 6,636 5,102 8,357 10,457
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A N/A
Additional Adjustments:
External Interest (CMO's) -- -- -- --
Amortization of discount and capitalized expense (CMO's) -- -- -- --
--------- --------- --------- ---------
TOTAL FIXED CHARGES $ 86,319 $ 68,487 $ 136,877 $ 128,908
========= ========= ========= =========
EARNINGS
ADD:
(A) Pre-tax earnings 173,994 200,441 416,861 373,294
Add back: minority interest in consolidated subsidiaries 24,533 34,706 64,772 53,613
Adjust for income or loss from equity investees
Subtract: CDC earnings (add back losses) (215) (76) (456) (430)
Subtract: CXP earnings (FY 95 and 96) -- -- -- --
--------- --------- --------- ---------
198,312 235,071 481,177 426,477
(B) Add back: fixed charges 86,319 68,487 136,877 128,908
(C) Add back: Amortization of capitalized interest -- -- -- --
(D) Add back: distributed income of equity investee N/A N/A N/A N/A
(E) Your share of pre-tax losses of equity investees for
which charges arising from guarantees are included
in fixed charges -- -- -- --
--------- --------- --------- ---------
284,631 303,558 618,054 555,385
SUBTRACT
(A) Capitalized Interest (2,750) -- -- --
(B) Preference security dividend requirements of
consolidated subsidiaries N/A N/A N/A N/A
(C) Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges -- -- -- --
--------- --------- --------- ---------
(2,750) -- -- --
NET EARNINGS $ 281,881 $ 303,558 $ 618,054 $ 555,385
========= ========= ========= =========
RATIO 3.27 4.43 4.52 4.31
YEAR ENDED YEAR ENDED YEAR ENDED
03/31/1998 03/31/1997 03/31/1996
--------------- --------------- ---------------
FIXED CHARGES
(A) Interest Expensed and Capitalized 78,128 65,517 69,724
(B) Amortized Premiums, Discounts and
capitalized interest related to indebtedness included in (A) included in (A) included in (A)
(C) An estimate of the interest within
rental expense 7,886 6,182 4,331
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A
Additional Adjustments:
External Interest (CMO's) -- -- 973
Amortization of discount and capitalized expense (CMO's) -- -- 86
--------- --------- ---------
TOTAL FIXED CHARGES $ 86,014 $ 71,699 $ 75,114
========= ========= =========
EARNINGS
ADD:
(A) Pre-tax earnings 231,634 163,734 87,786
Add back: minority interest in consolidated subsidiaries 43,447 31,690 --
Adjust for income or loss from equity investees
Subtract: CDC earnings (add back losses) (3,577) (925) (277)
Subtract: CXP earnings (FY 95 and 96) -- -- (25,628)
--------- --------- ---------
271,504 194,499 61,881
(B) Add back: fixed charges 86,014 71,699 75,114
(C) Add back: Amortization of capitalized interest -- -- --
(D) Add back: distributed income of equity investee N/A N/A N/A
(E) Your share of pre-tax losses of equity investees for
which charges arising from guarantees are included
in fixed charges -- -- --
--------- --------- ---------
357,518 266,198 136,995
SUBTRACT
(A) Capitalized Interest -- -- --
(B) Preference security dividend requirements of
consolidated subsidiaries N/A N/A N/A
(C) Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges -- -- --
--------- --------- ---------
-- -- --
NET EARNINGS $ 357,518 $ 266,198 $ 136,995
========= ========= =========
RATIO 4.16 3.71 1.82