EX-12.1 5 d703605dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CARRIAGE SERVICES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited and in thousands)

 

     2009      2010      2011      2012      2013  

Fixed charges:

               

Interest expense

    $ 17,731       $ 17,534       $ 17,596       $ 19,446       $ 12,260   

Amortization of capitalized expenses related to debt

      767         728         709         685         362   

Rental expense factor

      1,284         1,602         1,864         1,965         2,180   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 19,782       $ 19,864       $ 20,169       $ 22,096       $ 14,802   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings available for fixed charges:

               

Earnings before income taxes

    $ 11,845       $ 13,447       $ 12,138       $ 19,249       $ 24,462   

Add fixed charges before capitalized interest

      19,782         19,864         20,169         22,096         14,802   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total earnings available for fixed charges

    $ 31,627       $ 33,311       $ 32,307       $ 41,345       $ 39,264   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges(1)

      1.60         1.68         1.60         1.87         2.65   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) For purposes of computing the ratios of earnings to fixed charges: (i) earnings consist of income from continuing operations 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.