1
EXHIBIT 12.1
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TOTAL COMPANY
(including CMO's and Savings and Loan)
QTR. ENDED QTR. ENDED YEAR ENDED
06/30/99 06/30/98 03/31/99
---------- ---------- ----------
FIXED CHARGES
(A) Interest Expensed and Capitalized 28,483 27,778 118,451
(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 2,551 1,904 10,457
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A
Additional Adjustments:
External Interest (CMO's) -- -- --
Amortization of discount and capitalized expense (CMO's) -- -- --
---------- ---------- ----------
TOTAL FIXED CHARGES $ 31,034 $ 29,682 $ 128,908
========== ========== ==========
EARNINGS
ADD:
(A) Pre-tax earnings 93,110 76,722 373,294
Add back: minority interest in consolidated subsidiaries 14,114 12,408 53,613
Adjust for income or loss from equity investees
Subtract : CDC earnings (add back losses) (20) 346 (430)
Subtract : CXP earnings -- -- --
---------- ---------- ----------
107,204 89,476 426,477
(B) Add back: fixed charges 31,034 29,682 128,908
(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. -- -- --
---------- ---------- ----------
138,238 119,158 555,385
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 $ 138,238 $ 119,158 $ 555,385
========== ========== ==========
RATIO 4.45 4.01 4.31
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TOTAL COMPANY
(including CMO's and Savings and Loan) YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
03/31/98 03/31/97 03/31/96 03/31/95
---------- ---------- ---------- ----------
FIXED CHARGES
(A) Interest Expensed and Capitalized 78,128 65,517 69,724 58,771
(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 7,886 6,182 4,331 5,162
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A N/A
Additional Adjustments:
External Interest (CMO's) -- -- 973 1,267
Amortization of discount and capitalized expense (CMO's) -- -- 86 136
---------- ---------- ---------- ----------
TOTAL FIXED CHARGES $ 86,014 $ 71,699 $ 75,114 $ 65,336
========== ========== ========== ==========
EARNINGS
ADD:
(A) Pre-tax earnings 231,634 163,734 87,786 145,788
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) 727
Subtract : CXP earnings -- -- (25,628) (16,577)
---------- ---------- ---------- ----------
271,504 194,499 61,881 129,938
(B) Add back: fixed charges 86,014 71,699 75,114 65,336
(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. -- -- -- --
---------- ---------- ---------- ----------
357,518 266,198 136,995 195,274
SUBTRACT
(A) Capitalized Interest -- -- -- --
(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 -- -- -- --
NET EARNINGS $ 357,518 $ 266,198 $ 136,995 $ 195,274
========== ========== ========== ==========
RATIO 4.16 3.71 1.82 2.99
2
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TRADITIONAL
(Excluding CMO's and Savings and Loan)
QTR. ENDED QTR. ENDED YEAR ENDED
06/30/99 06/30/98 03/31/99
---------- ---------- ----------
FIXED CHARGES
(A) Interest Expensed and Capitalized 11,828 8,193 41,581
(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 2,551 1,904 10,457
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A
---------- ---------- ----------
TOTAL FIXED CHARGES $ 14,379 $ 10,097 $ 52,038
========== ========== ==========
EARNINGS
ADD:
(A) Pre-tax earnings 93,110 76,722 373,294
Add back: minority interest in consolidated subsidiaries 14,114 12,408 53,613
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (20,723) (23,712) (92,309)
Subtract : CDC earnings (add back losses) (20) 346 (430)
Subtract : CXP earnings -- -- --
Adjust for CFMC (earnings) loss (52) (50) (203)
---------- ---------- ----------
86,429 65,714 333,965
(B) Add back: fixed charges 14,379 10,097 52,038
(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. -- -- --
---------- ---------- ----------
100,808 75,811 386,003
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 $ 100,808 $ 75,811 $ 386,003
========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 7.01 7.51 7.42
CENTEX CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
TRADITIONAL
(Excluding CMO's and Savings and Loan) YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
03/31/98 03/31/97 03/31/96 03/31/95
---------- ---------- ---------- ----------
FIXED CHARGES
(A) Interest Expensed and Capitalized 33,256 34,062 40,862 33,014
(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 7,886 6,186 4,331 5,162
(D) Preference security dividend requirements
of consolidated subsidiaries N/A N/A N/A N/A
---------- ---------- ---------- ----------
TOTAL FIXED CHARGES $ 41,142 $ 40,248 $ 45,193 $ 38,176
========== ========== ========== ==========
EARNINGS
ADD:
(A) Pre-tax earnings 231,634 163,734 87,786 145,788
Add back: minority interest in consolidated subsidiaries 43,447 31,690 -- --
Adjust for income or loss from equity investees
Subtract: Financial Services earnings (31,371) (24,410) (17,155) (9,399)
Subtract : CDC earnings (add back losses) (3,577) (925) (277) 727
Subtract : CXP earnings -- -- (25,628) (16,577)
Adjust for CFMC (earnings) loss (191) (191) (15) (21)
---------- ---------- ---------- ----------
239,942 169,898 44,711 120,518
(B) Add back: fixed charges 41,142 40,248 45,193 38,176
(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. -- -- -- --
---------- ---------- ---------- ----------
281,084 210,146 89,904 158,694
SUBTRACT
(A) Capitalized Interest -- -- -- --
(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 -- -- -- --
---------- ---------- ---------- ----------
TOTAL EARNINGS $ 281,084 $ 210,146 $ 89,904 $ 158,694
========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES 6.83 5.22 1.99 4.16