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EXHIBIT 12


CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)

 
   1997
   1998
   1999
   2000*
   2001
   Three
Months ended
March 31,
2002
Fixed charges:                                    
  Interest expense   $ 5,889   $ 9,720   $ 17,358   $ 20,705   $ 19,585   $ 4,587
  Amortization of capitalized expenses related to debt     200     150     242     1,026     759     190
  Rental expense     629     720     876     1,606     1,516     377
   
 
 
 
 
 
Total fixed charges before capitalized interest and preferred stock dividends     6,718     10,590     18,476     23,337     21,860     5,154
Capitalized interest     450     600     686     770     298     58
   
 
 
 
 
 
  Total fixed charges     7,168     11,190     19,162     24,107     22,158     5,212
Preferred stock dividends     1,627     1,082     167     88     46     —
   
 
 
 
 
 
  Total fixed charges plus preferred dividends     8,795     12,272     19,329     24,195     22,204     5,212
   
 
 
 
 
 

Earnings (loss) available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) before income taxes, extraordinary item and cumulative effect of change in accounting principle     8,217     17,023     19,361     (101,035 )   11,253     6,080
Add fixed charges before capitalized interest and preferred stock dividends     6,718     10,590     18,476     23,337     21,860     5,154
   
 
 
 
 
 
Total earnings (loss) available for fixed charges   $ 14,935   $ 27,613   $ 37,837   $ (77,698 ) $ 33,113   $ 11,234
   
 
 
 
 
 

Ratio of earnings (loss) to fixed charges (1)
 
 
2.08
 
 
2.47
 
 
1.97
 
 
(3.22
)
 
1.49
 
 
2.16
   
 
 
 
 
 

Ratio of earnings (loss) to fixed charges plus dividends (1)
 
 
1.70
 
 
2.25
 
 
1.96
 
 
(3.21
)
 
1.49
 
 
2.16
   
 
 
 
 
 
(1)
For purposes of computing the ratios of earnings to fixed charges and earnings to fixed charges plus dividends: (i) earnings consist of income before provision for income taxes plus fixed charges (excluding capitalized interest) and (ii) "fixed charges" consist of interest expensed and capitalized, amortization of debt discount and expense relating to indebtedness and the portion of rental expense representative of the interest factor attributable to leases for rental property. There were no dividends paid or accrued on the Company's Common Stock during the periods presented above.

*
Earnings were inadequate to cover fixed charges. The coverage deficiency was $101,893,000 for 2000.


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CARRIAGE SERVICES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited and in thousands)