Exhibit 12
CAROLINA TELEPHONE AND TELEGRAPH COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Years ended December 31,
1994 1993 1992 1991 1990
-------- -------- -------- -------- --------
Income before extra-
ordinary item $ 94,944 $ 49,486 $ 72,800 $ 77,420 $ 76,649
Capitalized interest (140) (54) (632) (87) (49)
Income tax provision 56,176 26,837 40,430 43,748 37,770
Subtotal 150,980 76,269 112,598 121,081 114,370
-------- -------- -------- -------- --------
Fixed charges
Interest charges 22,245 21,960 22,167 20,042 19,621
Interest factor of
operating rents 1,039 2,320 2,048 2,322 1,859
-------- -------- -------- -------- --------
Total fixed charges 23,284 24,280 24,215 22,364 21,480
-------- -------- -------- -------- --------
Earnings, as adjusted $174,264 $100,549 $136,813 $143,445 $135,850
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 7.48 4.14* 5.65 6.41 6.32
======== ======== ======== ======== ========
* In the absence of $46,382,000 of nonrecurring merger and integration
costs related to the merger of Sprint and Centel, income before extra-
ordinary item would have been $77,251,000, and the ratio of earnings
to fixed charges would have been 6.05 for the year ended December 31,
1993.
NOTE: The above ratios have been computed by dividing fixed charges into
the sum of (a) income before extraordinary item less capitalized
interest included in income, (b) income taxes, and (c) fixed charges.
Fixed charges consist of interest on all indebtedness (including
amortization of debt issuance expenses) and the interest component of
operating rents.