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COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
EXHIBIT 12.1 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
The following table sets forth the ratio of earnings to fixed charges of the
Company for the three months ended May 31, 2000 and for the five fiscal years
ended February 29, 2000 computed by dividing net fixed charges (interest expense
on all debt plus the interest element (one-third) of operating leases) into
earnings (income before income taxes and fixed charges).
<S> <C> <C> <C> <C> <C> <C> <C>
Three months ended
May 31, Fiscal Years Ended February 29(28),
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2000 1999 2000 1999 1998 1997 1996
------------ ------------- ------------ ------------- ------------ ------------ -------------
Net earnings $83,459 $103,379 $410,243 $385,401 $344,983 $257,358 $195,720
Income tax expense 47,466 66,095 220,955 246,404 220,563 164,540 130,480
Interest charges 261,474 246,034 922,225 977,326 564,640 418,682 333,140
Interest portion of rental
Expense 4,519 4,798 19,080 14,898 10,055 7,420 6,803
------------ ------------- ------------ ------------- ------------ ------------ -------------
Earnings available to cover
fixed charges $396,918 $420,306 $1,572,503 $1,624,029 $1,140,241 $848,000 $666,143
============ ============= ============ ============= ============ ============ =============
Fixed charges
Interest charges $261,474 $246,034 $922,225 $977,326 $564,640 $418,682 $333,140
Interest portion of rental
Expense 4,519 4,798 19,080 14,898 10,055 7,420 6,803
------------ ------------- ------------ ------------- ------------ ------------ -------------
Total fixed charges $265,993 $250,832 $941,305 $992,224 $574,695 $426,102 $339,943
============ ============= ============ ============= ============ ============ =============
Ratio of earnings to fixed
Charges 1.49 1.68 1.67 1.64 1.98 1.99 1.96
============ ============= ============ ============= ============ ============ =============
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