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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)2005
    
    
    2004
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Total Enterprise:EarningsEarnings from continuing operations (2)
    
    $
    374,449
    
    
    $
    275,892
    
    
    $
    1,573,769
    
    
    $
    1,149,064
    
    
    $
    747,350
    
    
    $
    580,230
    
    
    $
    404,812Minority interests in income of
consolidated subsidiaries
    
    
    978
    
    
    
    608
    
    
    
    2,467
    
    
    
    3,723
    
    
    
    
    
    
    
    
    
    
    
    Undistributed (income) loss from
equity investments
    
    
    (2,110
    )
    
    
    (5,800
    )
    
    
    (4,358
    )
    
    
    (17,591
    )
    
    
    (14,247
    )
    
    
    (23,006
    )
    
    
    (3,830
    )Fixed charges
    
    
    154,128
    
    
    
    110,161
    
    
    
    500,885
    
    
    
    387,107
    
    
    
    328,007
    
    
    
    280,990
    
    
    
    201,294Interest capitalized
    
    
    (52,909
    )
    
    
    (41,405
    )
    
    
    (182,761
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )
    
    
    (41,153
    )Amortization of capitalized interest
    
    
    36,705
    
    
    
    27,602
    
    
    
    137,011
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851
    
    
    
    35,115Net Earnings
    
    $
    511,241
    
    
    $
    367,058
    
    
    $
    2,027,013
    
    
    $
    1,496,261
    
    
    $
    1,036,958
    
    
    $
    825,497
    
    
    $
    596,238Fixed ChargesInterest expense including amortization
of debt discount
    
    $
    151,328
    
    
    $
    108,111
    
    
    $
    489,085
    
    
    $
    378,907
    
    
    $
    319,207
    
    
    $
    271,290
    
    
    $
    187,794Interest factor attributable to rentals
    
    
    2,800
    
    
    
    2,050
    
    
    
    11,800
    
    
    
    8,200
    
    
    
    8,800
    
    
    
    9,700
    
    
    
    13,500Total Fixed Charges
    
    $
    154,128
    
    
    $
    110,161
    
    
    $
    500,885
    
    
    $
    387,107
    
    
    $
    328,007
    
    
    $
    280,990
    
    
    $
    201,294Ratio of Earnings to Fixed Charges
    
    
    3.32
    
    
    
    3.33
    
    
    
    4.05
    
    
    
    3.87
    
    
    
    3.16
    
    
    
    2.94
    
    
    
    2.96Total Enterprise (with financial services
reflected on the equity method):(3)EarningsEarnings from continuing operations (2)
    
    $
    374,449
    
    
    $
    275,892
    
    
    $
    1,573,769
    
    
    $
    1,149,064
    
    
    $
    747,350
    
    
    $
    580,230
    
    
    $
    404,812Undistributed (income) loss from
equity investments
    
    
    (49,840
    )
    
    
    (63,374
    )
    
    
    (208,718
    )
    
    
    (247,892
    )
    
    
    (176,072
    )
    
    
    (137,739
    )
    
    
    (23,497
    )Fixed charges
    
    
    58,516
    
    
    
    47,788
    
    
    
    212,300
    
    
    
    160,355
    
    
    
    140,956
    
    
    
    119,145
    
    
    
    103,404Interest capitalized
    
    
    (52,909
    )
    
    
    (41,405
    )
    
    
    (182,761
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )
    
    
    (41,153
    )Amortization of capitalized interest
    
    
    36,705
    
    
    
    27,602
    
    
    
    137,011
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851
    
    
    
    35,115Net Earnings
    
    $
    366,921
    
    
    $
    246,503
    
    
    $
    1,531,601
    
    
    $
    1,035,485
    
    
    $
    688,082
    
    
    $
    548,919
    
    
    $
    478,681Fixed ChargesInterest expense including amortization
of debt discount
    
    $
    56,891
    
    
    $
    46,463
    
    
    $
    205,100
    
    
    $
    155,055
    
    
    $
    134,756
    
    
    $
    112,145
    
    
    $
    95,222Interest factor attributable to rentals
    
    
    1,625
    
    
    
    1,325
    
    
    
    7,200
    
    
    
    5,300
    
    
    
    6,200
    
    
    
    7,000
    
    
    
    8,182Total Fixed Charges
    
    $
    58,516
    
    
    $
    47,788
    
    
    $
    212,300
    
    
    $
    160,355
    
    
    $
    140,956
    
    
    $
    119,145
    
    
    $
    103,404Ratio of Earnings to Fixed Charges
    
    
    6.27
    
    
    
    5.16
    
    
    
    7.21
    
    
    
    6.46
    
    
    
    4.88
    
    
    
    4.61
    
    
    
    4.63
 (1)
    
    The ratios presented in this table have been adjusted to reflect our former construction
products operations (spun off in January 2004) and our manufactured housing operations (spun
off in June 2003) as discontinued operations.(2)
    
    Earnings from Continuing Operations are Before Income Taxes and Cumulative Effect of a
Change in Accounting Principle adopted in fiscal 2004.(3)
    
    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.