Exhibit 12.1

Centex Corporation

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands, except ratios)


	Three Months Ended June 30,						Fiscal Years Ended March 31, (1)
	2009			2008			2009			2008				2007			2006				2005

Earnings

Earnings (Loss) from Continuing Operations (2)	$	(322,219	)	$	(182,747	)	$	(1,526,771	)		$	(2,875,158	)	$	106,786			$	1,880,738		$	1,394,606
Minority interests in income of consolidated subsidiaries		–			253			326				1,333			2,587				3,469			2,467
Undistributed (income) loss from equity investments		9,221			5,781			70,777				104,479			79,615				6,298			(3,717	)
Fixed charges		59,906			65,945			253,992				312,277			421,491				321,733			236,001
Interest capitalized		(27,721	)		(52,969	)		(165,992	)			(238,203	)		(308,023	)			(232,860	)		(176,874	)
Amortizartion of capitalized interest		38,933			25,603			183,799				314,017			246,579				171,189			131,937
Net Earnings (Loss)	$	(241,880	)	$	(138,134	)	$	(1,183,869	)		$	(2,381,255	)	$	549,035			$	2,150,567		$	1,584,420

Fixed Charges
Interest expense including amortization of debt discount (3)	$	57,656		$	63,520		$	244,392			$	302,577		$	407,391			$	312,133		$	228,501
Interest factor attributable to rentals		2,250			2,425			9,600				9,700			14,100				9,600			7,500
Total Fixed Charges	$	59,906		$	65,945		$	253,992			$	312,277		$	421,491			$	321,733		$	236,001

Ratio of Earnings to Fixed Charges (4)		–			–			–				–			1.30				6.68			6.71

Coverage Deficiency	$	301,786		$	204,079		$	1,437,861			$	2,693,532

(1)	The ratios presented in this table have been adjusted to reflect our home services operations (sold in April 2008), Construction Services (sold in March 2007), Home Equity (sold in July 2006) and International Homebuilding (sold in September 2005) as discontinued operations.

(2)	Earnings (Loss) from Continuing Operations are before income taxes.

(3)	Excludes interest related to our unrecognized tax benefits as such interest is included as a component of the income tax provision.

(4)	Earnings were inadequate to cover fixed charges for the three months ended June 30, 2009 and 2008 and for the fiscal years ended March 31, 2009 and 2008.

CENTEX CORP 10-Q