##### 



Exhibit 12.1
 Centex Corporation
Computation of Ratio of Earnings to Fixed Charges  (Dollars in thousands, except ratios)
 Fiscal Years Ended March 31,(1)2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Total Enterprise:EarningsEarnings from continuing operations (2)
    
    $
    102,773
    
    
    $
    1,872,276
    
    
    $
    1,378,131
    
    
    $
    1,029,045
    
    
    $
    649,091Minority interests in income of consolidated
subsidiaries
    
    
    2,587
    
    
    
    3,469
    
    
    
    2,467
    
    
    
    3,723
    
    
    
    Undistributed (income) loss from equity
investments
    
    
    79,615
    
    
    
    6,298
    
    
    
    (3,717
    )
    
    
    (16,023
    )
    
    
    6,885Fixed charges
    
    
    421,991
    
    
    
    322,633
    
    
    
    236,401
    
    
    
    182,945
    
    
    
    148,655Interest capitalized
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )Amortization of capitalized interest
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450Net Earnings
    
    $
    545,522
    
    
    $
    2,143,005
    
    
    $
    1,568,345
    
    
    $
    1,173,648
    
    
    $
    780,479Fixed ChargesInterest expense including amortization of debt
discount
    
    $
    407,391
    
    
    $
    312,133
    
    
    $
    228,501
    
    
    $
    176,645
    
    
    $
    141,755Interest factor attributable to rentals
    
    
    14,600
    
    
    
    10,500
    
    
    
    7,900
    
    
    
    6,300
    
    
    
    6,900Total Fixed Charges
    
    $
    421,991
    
    
    $
    322,633
    
    
    $
    236,401
    
    
    $
    182,945
    
    
    $
    148,655Ratio of Earnings to Fixed Charges
    
    
    1.29
    
    
    
    6.64
    
    
    
    6.63
    
    
    
    6.42
    
    
    
    5.25Total Enterprise (with financial services
reflected on the equity method):(3)EarningsEarnings from continuing operations (2)
    
    $
    102,773
    
    
    $
    1,872,276
    
    
    $
    1,378,131
    
    
    $
    1,029,045
    
    
    $
    649,091Undistributed (income) loss from equity
investments
    
    
    (4,915
    )
    
    
    (78,167
    )
    
    
    (99,689
    )
    
    
    (181,801
    )
    
    
    (107,791
    )Fixed charges
    
    
    327,463
    
    
    
    253,529
    
    
    
    201,752
    
    
    
    158,020
    
    
    
    139,856Interest capitalized
    
    
    (308,023
    )
    
    
    (232,860
    )
    
    
    (176,874
    )
    
    
    (115,186
    )
    
    
    (73,602
    )Amortization of capitalized interest
    
    
    246,579
    
    
    
    171,189
    
    
    
    131,937
    
    
    
    89,144
    
    
    
    49,450Net Earnings
    
    $
    363,877
    
    
    $
    1,985,967
    
    
    $
    1,435,257
    
    
    $
    979,222
    
    
    $
    657,004Fixed ChargesInterest expense including amortization of debt
discount
    
    $
    317,063
    
    
    $
    246,229
    
    
    $
    196,352
    
    
    $
    154,720
    
    
    $
    134,756Interest factor attributable to rentals
    
    
    10,400
    
    
    
    7,300
    
    
    
    5,400
    
    
    
    3,300
    
    
    
    5,100Total Fixed Charges
    
    $
    327,463
    
    
    $
    253,529
    
    
    $
    201,752
    
    
    $
    158,020
    
    
    $
    139,856Ratio of Earnings to Fixed Charges
    
    
    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 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.