##### 



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)2007
    
    
    2006
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Total Enterprise:EarningsEarnings (Loss) from continuing
operations (2)
    
    $
    (1,217,350
    )
    
    $
    409,632
    
    
    $
    102,773
    
    
    $
    1,872,276
    
    
    $
    1,378,131
    
    
    $
    1,029,045
    
    
    $
    649,091Minority interests in income of
consolidated subsidiaries
    
    
    829
    
    
    
    1,498
    
    
    
    2,587
    
    
    
    3,469
    
    
    
    2,467
    
    
    
    3,723
    
    
    
    Undistributed (income) loss from
equity investments
    
    
    (1,103
    )
    
    
    17,617
    
    
    
    79,615
    
    
    
    6,298
    
    
    
    (3,717
    )
    
    
    (16,023
    )
    
    
    6,885Fixed charges
    
    
    182,800
    
    
    
    201,035
    
    
    
    421,991
    
    
    
    322,633
    
    
    
    236,401
    
    
    
    182,945
    
    
    
    148,655Interest capitalized
    
    
    (132,465
    )
    
    
    (153,118
    )
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )Amortization of capitalized interest
    
    
    145,794
    
    
    
    83,920
    
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450Net Earnings (Loss)
    
    $
    (1,021,495
    )
    
    $
    560,584
    
    
    $
    545,522
    
    
    $
    2,143,005
    
    
    $
    1,568,345
    
    
    $
    1,173,648
    
    
    $
    780,479Fixed ChargesInterest expense including amortization
of debt discount (3)
    
    $
    175,500
    
    
    $
    195,785
    
    
    $
    407,391
    
    
    $
    312,133
    
    
    $
    228,501
    
    
    $
    176,645
    
    
    $
    141,755Interest factor attributable to rentals
    
    
    7,300
    
    
    
    5,250
    
    
    
    14,600
    
    
    
    10,500
    
    
    
    7,900
    
    
    
    6,300
    
    
    
    6,900Total Fixed Charges
    
    $
    182,800
    
    
    $
    201,035
    
    
    $
    421,991
    
    
    $
    322,633
    
    
    $
    236,401
    
    
    $
    182,945
    
    
    $
    148,655Ratio of Earnings to Fixed Charges
    
    
    (5.59
    )
    
    
    2.79
    
    
    
    1.29
    
    
    
    6.64
    
    
    
    6.63
    
    
    
    6.42
    
    
    
    5.25Total Enterprise (with financial
services reflected on the equity
method):(4)EarningsEarnings (Loss) from continuing
operations (2)
    
    $
    (1,217,350
    )
    
    $
    409,632
    
    
    $
    102,773
    
    
    $
    1,872,276
    
    
    $
    1,378,131
    
    
    $
    1,029,045
    
    
    $
    649,091Undistributed (income) loss from
equity investments
    
    
    38,010
    
    
    
    (31,634
    )
    
    
    (4,915
    )
    
    
    (78,167
    )
    
    
    (99,689
    )
    
    
    (181,801
    )
    
    
    (107,791
    )Fixed charges
    
    
    143,633
    
    
    
    156,835
    
    
    
    327,463
    
    
    
    253,529
    
    
    
    201,752
    
    
    
    158,020
    
    
    
    139,856Interest capitalized
    
    
    (132,465
    )
    
    
    (153,118
    )
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )Amortization of capitalized interest
    
    
    145,794
    
    
    
    83,920
    
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450Net Earnings (Loss)
    
    $
    (1,022,378
    )
    
    $
    465,635
    
    
    $
    363,877
    
    
    $
    1,985,967
    
    
    $
    1,435,257
    
    
    $
    979,222
    
    
    $
    657,004Fixed ChargesInterest expense including amortization
of debt discount (3)
    
    $
    138,433
    
    
    $
    153,185
    
    
    $
    317,063
    
    
    $
    246,229
    
    
    $
    196,352
    
    
    $
    154,720
    
    
    $
    134,756Interest factor attributable to rentals
    
    
    5,200
    
    
    
    3,650
    
    
    
    10,400
    
    
    
    7,300
    
    
    
    5,400
    
    
    
    3,300
    
    
    
    5,100Total Fixed Charges
    
    $
    143,633
    
    
    $
    156,835
    
    
    $
    327,463
    
    
    $
    253,529
    
    
    $
    201,752
    
    
    $
    158,020
    
    
    $
    139,856Ratio of Earnings to Fixed Charges
    
    
    (7.12
    )
    
    
    2.97
    
    
    
    1.11
    
    
    
    7.83
    
    
    
    7.11
    
    
    
    6.20
    
    
    
    4.70
 
 (1)
    
    The ratios presented in this table have been adjusted to reflect our 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.