##### 



EXHIBIT 12.1
 Centex Corporation
Computation of Ratio of Earnings to Fixed Charges  (Dollars in thousands, except ratios)
 Six Months Ended September 30,
    
    
    Fiscal Years Ended March 31, (1)2005
    
    
    2004
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Total Enterprise:EarningsEarnings from continuing operations (2)
    
    $
    852,223
    
    
    $
    584,879
    
    
    $
    1,510,043
    
    
    $
    1,109,981
    
    
    $
    726,958
    
    
    $
    567,916
    
    
    $
    404,846Minority interests in income of
consolidated subsidiaries
    
    
    1,931
    
    
    
    1,236
    
    
    
    2,467
    
    
    
    3,723
    
    
    
    
    
    
    
    
    
    
    
    Undistributed (income) loss from
equity investments
    
    
    2,120
    
    
    
    (6,022
    )
    
    
    (4,358
    )
    
    
    (17,591
    )
    
    
    6,145
    
    
    
    (10,692
    )
    
    
    (3,830
    )Fixed charges
    
    
    322,075
    
    
    
    227,088
    
    
    
    490,637
    
    
    
    387,672
    
    
    
    328,007
    
    
    
    280,990
    
    
    
    201,294Interest capitalized
    
    
    (108,490
    )
    
    
    (83,049
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )
    
    
    (41,153
    )Amortization of capitalized interest
    
    
    75,744
    
    
    
    58,053
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851
    
    
    
    35,115Net Earnings
    
    $
    1,145,603
    
    
    $
    782,185
    
    
    $
    1,953,852
    
    
    $
    1,457,743
    
    
    $
    1,036,958
    
    
    $
    825,497
    
    
    $
    596,272Fixed ChargesInterest expense including amortization
of debt discount
    
    $
    316,925
    
    
    $
    222,538
    
    
    $
    480,337
    
    
    $
    378,572
    
    
    $
    319,207
    
    
    $
    271,290
    
    
    $
    187,794Interest factor attributable to rentals
    
    
    5,150
    
    
    
    4,550
    
    
    
    10,300
    
    
    
    9,100
    
    
    
    8,800
    
    
    
    9,700
    
    
    
    13,500Total Fixed Charges
    
    $
    322,075
    
    
    $
    227,088
    
    
    $
    490,637
    
    
    $
    387,672
    
    
    $
    328,007
    
    
    $
    280,990
    
    
    $
    201,294Ratio of Earnings to Fixed Charges
    
    
    3.56
    
    
    
    3.44
    
    
    
    3.98
    
    
    
    3.76
    
    
    
    3.16
    
    
    
    2.94
    
    
    
    2.96Total Enterprise (with financial services
reflected on the equity method):(3)EarningsEarnings from continuing operations (2)
    
    $
    852,223
    
    
    $
    584,879
    
    
    $
    1,510,043
    
    
    $
    1,109,981
    
    
    $
    726,958
    
    
    $
    567,916
    
    
    $
    404,846Minority interests in income of
consolidated subsidiaries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Undistributed (income) loss from
equity investments
    
    
    (99,341
    )
    
    
    (116,848
    )
    
    
    (208,718
    )
    
    
    (247,892
    )
    
    
    (155,680
    )
    
    
    (125,425
    )
    
    
    (23,497
    )Fixed charges
    
    
    117,937
    
    
    
    95,024
    
    
    
    202,552
    
    
    
    160,020
    
    
    
    140,956
    
    
    
    119,145
    
    
    
    103,404Interest capitalized
    
    
    (108,490
    )
    
    
    (83,049
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )
    
    
    (41,153
    )Amortization of capitalized interest
    
    
    75,744
    
    
    
    58,053
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851
    
    
    
    35,115Net Earnings
    
    $
    838,073
    
    
    $
    538,059
    
    
    $
    1,458,940
    
    
    $
    996,067
    
    
    $
    688,082
    
    
    $
    548,919
    
    
    $
    478,715Fixed ChargesInterest expense including amortization
of debt discount
    
    $
    114,837
    
    
    $
    92,374
    
    
    $
    196,352
    
    
    $
    154,720
    
    
    $
    134,756
    
    
    $
    112,145
    
    
    $
    95,222Interest factor attributable to rentals
    
    
    3,100
    
    
    
    2,650
    
    
    
    6,200
    
    
    
    5,300
    
    
    
    6,200
    
    
    
    7,000
    
    
    
    8,182Total Fixed Charges
    
    $
    117,937
    
    
    $
    95,024
    
    
    $
    202,552
    
    
    $
    160,020
    
    
    $
    140,956
    
    
    $
    119,145
    
    
    $
    103,404Ratio of Earnings to Fixed Charges
    
    
    7.11
    
    
    
    5.66
    
    
    
    7.20
    
    
    
    6.22
    
    
    
    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), our manufactured housing operations (spun
off in June 2003), and our international homebuilding operations (sold in September 2005),
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.