Exhibit 12.1 Centex Corporation
Computation of Ratio of Earnings to Fixed Charges(Dollars in thousands, except ratios) Three Months Ended June 30,
    
    

Fiscal Years Ended March 31,(1)2008
    
    
    2007
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004Total Enterprise:EarningsEarnings (Loss) from continuing
operations (2)
    
    $
    (182,747
    )
    
    $
    (196,865
    )
    
    $
    (2,875,158
    )
    
    $
    106,786
    
    
    $
    1,880,738
    
    
    $
    1,394,606
    
    
    $
    1,031,854Minority interests in income of
consolidated subsidiaries
    
    
    253
    
    
    
    465
    
    
    
    1,333
    
    
    
    2,587
    
    
    
    3,469
    
    
    
    2,467
    
    
    
    3,723Undistributed (income) loss from
equity investments
    
    
    5,781
    
    
    
    (1,679
    )
    
    
    104,479
    
    
    
    79,615
    
    
    
    6,298
    
    
    
    (3,717
    )
    
    
    (16,023
    )Fixed charges
    
    
    65,945
    
    
    
    92,912
    
    
    
    312,277
    
    
    
    421,491
    
    
    
    321,733
    
    
    
    236,001
    
    
    
    182,945Interest capitalized
    
    
    (52,969
    )
    
    
    (66,842
    )
    
    
    (238,203
    )
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )Amortization of capitalized interest
    
    
    25,603
    
    
    
    45,123
    
    
    
    314,017
    
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144Net Earnings (Loss)
    
    $
    (138,134
    )
    
    $
    (126,886
    )
    
    $
    (2,381,255
    )
    
    $
    549,035
    
    
    $
    2,150,567
    
    
    $
    1,584,420
    
    
    $
    1,176,457Fixed ChargesInterest expense including amortization
of debt discount (3)
    
    $
    63,520
    
    
    $
    89,387
    
    
    $
    302,577
    
    
    $
    407,391
    
    
    $
    312,133
    
    
    $
    228,501
    
    
    $
    176,645Interest factor attributable to rentals
    
    
    2,425
    
    
    
    3,525
    
    
    
    9,700
    
    
    
    14,100
    
    
    
    9,600
    
    
    
    7,500
    
    
    
    6,300Total Fixed Charges
    
    $
    65,945
    
    
    $
    92,912
    
    
    $
    312,277
    
    
    $
    421,491
    
    
    $
    321,733
    
    
    $
    236,001
    
    
    $
    182,945Ratio of Earnings to Fixed Charges
    
    
    (2.09
    )
    
    
    (1.37
    )
    
    
    (7.63
    )
    
    
    1.30
    
    
    
    6.68
    
    
    
    6.71
    
    
    
    6.43Total Enterprise (with financial
services reflected on the equity
method):(4)EarningsEarnings (Loss) from continuing
operations (2)
    
    $
    (182,747
    )
    
    $
    (196,865
    )
    
    $
    (2,875,158
    )
    
    $
    106,786
    
    
    $
    1,880,738
    
    
    $
    1,394,606
    
    
    $
    1,031,854Undistributed (income) loss from
equity investments
    
    
    (286
    )
    
    
    (16,648
    )
    
    
    242,632
    
    
    
    (4,915
    )
    
    
    (78,167
    )
    
    
    (99,689
    )
    
    
    (181,801
    )Fixed charges
    
    
    60,992
    
    
    
    71,299
    
    
    
    255,297
    
    
    
    326,663
    
    
    
    252,929
    
    
    
    201,252
    
    
    
    158,020Interest capitalized
    
    
    (52,969
    )
    
    
    (66,842
    )
    
    
    (238,203
    )
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )Amortization of capitalized interest
    
    
    25,603
    
    
    
    45,123
    
    
    
    314,017
    
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144Net Earnings (Loss)
    
    $
    (149,407
    )
    
    $
    (163,933
    )
    
    $
    (2,301,415
    )
    
    $
    367,090
    
    
    $
    1,993,829
    
    
    $
    1,451,232
    
    
    $
    982,031Fixed ChargesInterest expense including amortization
of debt discount (3)
    
    $
    59,217
    
    
    $
    68,899
    
    
    $
    248,197
    
    
    $
    317,063
    
    
    $
    246,229
    
    
    $
    196,352
    
    
    $
    154,720Interest factor attributable to rentals
    
    
    1,775
    
    
    
    2,400
    
    
    
    7,100
    
    
    
    9,600
    
    
    
    6,700
    
    
    
    4,900
    
    
    
    3,300Total Fixed Charges
    
    $
    60,992
    
    
    $
    71,299
    
    
    $
    255,297
    
    
    $
    326,663
    
    
    $
    252,929
    
    
    $
    201,252
    
    
    $
    158,020Ratio of Earnings to Fixed Charges
    
    
    (2.45
    )
    
    
    (2.30
    )
    
    
    (9.01
    )
    
    
    1.12
    
    
    
    7.88
    
    
    
    7.21
    
    
    
    6.21
   (1)
    
    The ratios presented in this table have been adjusted to reflect our home services
operations (sold in April 2008), Construction Services (sold in March 2007), Home Equity
(sold in July 2006), International Homebuilding (sold in September 2005), Construction
Products (spun off in January 2004), and Manufactured Homes (spun off in June 2003) as
discontinued operations.(2)
    
    Earnings (Loss) from Continuing Operations are Before Income Taxes and Cumulative
Effect of a Change in Accounting Principle adopted in fiscal 2004.(3)
    
    Excludes interest related to our unrecognized tax benefits as such interest is
included as a component of the income tax provision.(4)
    
    Represents a supplemental presentation that reflects the Financial Services segment as if
accounted for under the equity method. We believe that separate disclosure of the
consolidating information is useful because the Financial Services subsidiaries operate in a
distinctly different financial environment that generally requires significantly less equity
to support their higher debt levels compared to the operations of our other subsidiaries; the
Financial Services subsidiaries have structured their financing programs substantially on a
stand alone basis; and we have limited obligations with respect to the indebtedness of our
Financial Services subsidiaries. Management uses this information in its financial and
strategic planning. We also use this presentation to allow investors to compare us to
homebuilders that do not have financial services operations.