##### 



Exhibit 12.1
 Centex Corporation
Computation of Ratio of Earnings to Fixed Charges  (Dollars in thousands, except ratios)
 Fiscal Years Ended March 31,(1)2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Total Enterprise:EarningsEarnings from continuing operations (2)
    
    $
    1,895,493
    
    
    $
    1,401,655
    
    
    $
    1,045,458
    
    
    $
    679,809
    
    
    $
    542,834Minority interests in income of consolidated
subsidiaries
    
    
    3,469
    
    
    
    2,467
    
    
    
    3,723
    
    
    
    
    
    
    
    Undistributed (income) loss from equity
investments
    
    
    5,799
    
    
    
    (4,358
    )
    
    
    (17,591
    )
    
    
    6,145
    
    
    
    (10,692
    )Fixed charges
    
    
    323,433
    
    
    
    237,201
    
    
    
    183,645
    
    
    
    149,755
    
    
    
    135,206Interest capitalized
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )Amortization of capitalized interest
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851Net Earnings
    
    $
    2,166,523
    
    
    $
    1,592,028
    
    
    $
    1,189,193
    
    
    $
    811,557
    
    
    $
    654,631Fixed ChargesInterest expense including amortization of debt
discount
    
    $
    312,133
    
    
    $
    228,501
    
    
    $
    176,645
    
    
    $
    141,755
    
    
    $
    126,306Interest factor attributable to rentals
    
    
    11,300
    
    
    
    8,700
    
    
    
    7,000
    
    
    
    8,000
    
    
    
    8,900Total Fixed Charges
    
    $
    323,433
    
    
    $
    237,201
    
    
    $
    183,645
    
    
    $
    149,755
    
    
    $
    135,206Ratio of Earnings to Fixed Charges
    
    
    6.70
    
    
    
    6.71
    
    
    
    6.48
    
    
    
    5.42
    
    
    
    4.84Total Enterprise (with financial services
reflected on the equity method):(3)EarningsEarnings from continuing operations (2)
    
    $
    1,895,493
    
    
    $
    1,401,655
    
    
    $
    1,045,458
    
    
    $
    679,809
    
    
    $
    542,834Undistributed (income) loss from equity
investments
    
    
    (78,666
    )
    
    
    (100,330
    )
    
    
    (183,369
    )
    
    
    (108,531
    )
    
    
    (100,343
    )Fixed charges
    
    
    254,329
    
    
    
    202,552
    
    
    
    160,020
    
    
    
    140,956
    
    
    
    119,145Interest capitalized
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )
    
    
    (53,568
    )Amortization of capitalized interest
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450
    
    
    
    40,851Net Earnings
    
    $
    2,009,485
    
    
    $
    1,458,940
    
    
    $
    996,067
    
    
    $
    688,082
    
    
    $
    548,919Fixed ChargesInterest expense including amortization of debt
discount
    
    $
    246,229
    
    
    $
    196,352
    
    
    $
    154,720
    
    
    $
    134,756
    
    
    $
    112,145Interest factor attributable to rentals
    
    
    8,100
    
    
    
    6,200
    
    
    
    5,300
    
    
    
    6,200
    
    
    
    7,000Total Fixed Charges
    
    $
    254,329
    
    
    $
    202,552
    
    
    $
    160,020
    
    
    $
    140,956
    
    
    $
    119,145Ratio of Earnings to Fixed Charges
    
    
    7.90
    
    
    
    7.20
    
    
    
    6.22
    
    
    
    4.88
    
    
    
    4.61
 
 (1)
    
    The ratios presented in this table have been adjusted to reflect our sub-prime home equity
lending operations, international homebuilding operations (sold in September 2005), Centex
Construction Products, Inc. (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.