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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			Six Months Ended June 30, 2002
Fixed charges:
	Interest expense		$	5,889		$	9,720		$	17,358		$	20,705		$	19,585		$	9,697
	Amortization of capitalized expenses related to debt			200			150			242			1,026			759			380
	Rental expense			629			720			876			1,606			1,516			768
Total fixed charges before capitalized interest and preferred stock dividends				6,718			10,590			18,476			23,337			21,860			10,845
Capitalized interest				450			600			686			770			298			100
	Total fixed charges			7,168			11,190			19,162			24,107			22,158			10,945
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			10,945
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			8,519
Add fixed charges before capitalized interest and preferred stock dividends				6,718			10,590			18,476			23,337			21,860			10,845
Total earnings (loss) available for fixed charges			$	14,935		$	27,613		$	37,837		$	(77,698	)	$	33,113		$	19,364
Ratio of earnings (loss) to fixed charges(1)				2.08			2.47			1.97			(3.22	)		1.49			1.77
Ratio of earnings (loss) to fixed charges plus dividends(1)				1.70			2.25			1.96			(3.21	)		1.49			1.77

(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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EXHIBIT 12

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