1
EXHIBIT 12.1
FIRST FINANCIAL MANAGEMENT CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1993 1992 1991 1990 1989
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Earnings Were Calculated as follows:
Income from continuing operations
before income taxes $215,757 $65,106 $104,643 $ 79,154 $69,341
Add fixed charges 16,915 24,910 32,264 37,876 29,639
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Earnings $232,672 $90,016 $136,907 $117,030 $98,980
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Fixed charges were calculated as follows: (2)
Interest expense $ 4,394 $10,957 $ 21,441 $ 29,651 $25,643
Estimated interest component in rent expense 12,521 13,953 10,823 8,225 3,996
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Fixed charges $ 16,915 $24,910 $ 32,264 $ 37,876 $29,639
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Ratio of Earnings to Fixed Charges (1) 13.76 3.61 4.24 3.09 3.34
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Nine Months
Ended
September 30,
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1994 1993
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Earnings Were Calculated as follows:
Income from continuing operations
before income taxes $176,148 $144,686
Add fixed charges 11,481 12,651
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Earnings $187,629 $157,377
Fixed charges were calculated as follows: (2)
Interest expense $ 1,348 $ 3,707
Estimated interest component in rent expense 10,133 8,944
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Fixed charges $ 11,481 $12,651
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Ratio of Earnings to Fixed Charges (1) 16.34 12.44
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(1) The ratio of earnings to fixed charges was computed by dividing the sum of
income from continuing operations before income taxes plus fixed charges by
fixed charges.
(2) Fixed charges related to a $4 billion financial institution discontinued in
1992 have been excluded from the above computation.