EX-12.1 2 csv-ex12x20141231x10k.htm EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12
CARRIAGE SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited and in thousands)

|  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 17,534 |  |  | $ | 17,596 |  |  | $ | 19,446 |  |  | $ | 12,260 |  |  | $ | 9,325 |
Amortization of capitalized expenses related to debt |  | 728 |  |  | 709 |  |  | 685 |  |  | 362 |  |  | 983 |
Rental expense factor |  | 1,602 |  |  | 1,864 |  |  | 1,965 |  |  | 2,180 |  |  | 2,130 |
Total fixed charges |  | $ | 19,864 |  |  | $ | 20,169 |  |  | $ | 22,096 |  |  | $ | 14,802 |  |  | $ | 12,438 |
Earnings available for fixed charges: |  |  |  |  |  |  |  |  |  |
Earnings before income taxes |  | $ | 13,447 |  |  | $ | 12,138 |  |  | $ | 19,249 |  |  | $ | 24,462 |  |  | $ | 22,701 |
Add fixed charges before capitalized interest |  | 19,864 |  |  | 20,169 |  |  | 22,096 |  |  | 14,802 |  |  | 12,438 |
Total earnings available for fixed charges |  | $ | 33,311 |  |  | $ | 32,307 |  |  | $ | 41,345 |  |  | $ | 39,264 |  |  | $ | 35,139 |
Ratio of earnings to fixed charges(1) |  | 1.68 |  |  | 1.60 |  |  | 1.87 |  |  | 2.65 |  |  | 2.83 |

(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.