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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 six months ended August 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>
Six months ended
August 31, Fiscal Years Ended February 29(28),
-------------------------- ------------------------------------------------------------------
2000 1999 2000 1999 1998 1997 1996
------------ ------------- ------------ ------------- ------------ ------------ -------------
Net earnings $174,494 $209,882 $410,243 $385,401 $344,983 $257,358 $195,720
Income tax expense 98,646 134,187 220,955 246,404 220,563 164,540 130,480
Interest charges 597,975 477,842 922,225 977,326 564,640 418,682 333,140
Interest portion of rental
Expense 8,806 4,488 19,080 14,898 10,055 7,420 6,803
------------ ------------- ------------ ------------- ------------ ------------ -------------
Earnings available to cover
fixed charges $879,921 $826,399 $1,572,503 $1,624,029 $1,140,241 $848,000 $666,143
============ ============= ============ ============= ============ ============ =============
Fixed charges
Interest charges $597,975 $477,842 $922,225 $977,326 $564,640 $418,682 $333,140
Interest portion of rental
Expense 8,806 4,488 19,080 14,898 10,055 7,420 6,803
------------ ------------- ------------ ------------- ------------ ------------ -------------
Total fixed charges $606,781 $482,330 $941,305 $992,224 $574,695 $426,102 $339,943
============ ============= ============ ============= ============ ============ =============
Ratio of earnings to fixed
Charges 1.45 1.71 1.67 1.64 1.98 1.99 1.96
============ ============= ============ ============= ============ ============ =============
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