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EXHIBIT 12

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

 
   1998
   1999
   2000*
   2001
   2002
Fixed charges:                              
  Interest expense   $ 9,570   $ 17,116   $ 19,679   $ 19,450   $ 18,308
  Amortization of capitalized expenses related to debt     150     242     1,026     894     1,442
  Rental expense factor     720     876     1,606     1,516     1,529
   
 
 
 
 
Total fixed charges before capitalized interest and preferred stock dividends     10,440     18,234     22,311     21,860     21,279
Capitalized interest     600     686     770     298     184
   
 
 
 
 
  Total fixed charges     11,040     18,920     23,081     22,158     21,463
Preferred stock dividends     1,082     167     88     46     —
   
 
 
 
 
  Total fixed charges plus preferred dividends   $ 12,122   $ 19,087   $ 23,169   $ 22,204   $ 21,463
   
 
 
 
 
Earnings (loss) available for fixed charges:                              
Earnings (loss) before income taxes and cumulative effect of change in accounting principle   $ 17,023   $ 19,361   $ (101,035 ) $ 11,253   $ 12,162
Add fixed charges before capitalized interest and preferred stock dividends     10,440     18,234     22,311     21,860     21,279
   
 
 
 
 
Total earnings (loss) available for fixed charges   $ 27,463   $ 37,595   $ (78,724 ) $ 33,113   $ 33,441
   
 
 
 
 
Ratio of earnings (loss) to fixed charges (1)     2.49     1.99     (3.41 )   1.49     1.56
   
 
 
 
 
Ratio of earnings (loss) to fixed charges plus dividends (1)     2.27     1.97     (3.40 )   1.49     1.56
   
 
 
 
 
(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 for 2000.


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