EXHIBIT 12
CAROLINA TELEPHONE AND TELEGRAPH COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
(dollars in thousands)
Quarter Ended Year to Date
September 30, September 30,
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1997 1996 1997 1996
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Earnings
Income before income taxes and
extraordinary item $ 51,681 $ 49,248 $ 154,223 $ 149,061
Capitalized interest 105 881 (51) (168)
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Subtotal 51,786 50,129 154,172 148,893
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Fixed charges
Interest charges 5,808 5,151 16,768 16,493
Interest factor of operating rents 766 547 1,800 1,691
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Total fixed charges 6,574 5,698 18,568 18,184
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Earnings, as adjusted $ 58,360 $ 55,827 $ 172,740 $ 167,077
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Ratio of earnings to fixed charges 8.88 9.80 9.30 9.19
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Note: These ratios were computed by dividing fixed charges into the sum of
(a) income before income taxes and extraordinary item, less capitalized
interest, and (b) fixed charges. Fixed charges consist of interest on
all debt (including amortization of debt issuance expenses) and the
interest component of operating rents.