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EXHIBIT 12.1
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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CAROLINA FIRST CORPORATION AND SUBSIDIARIES
YEARS ENDED DECEMBER 31,
($ IN THOUSANDS) ------------------------------------------------------------------
1999 1998 1997 1996 1995
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EARNINGS:
Income from continuing operations before income
taxes .................................................... $ 40,463 $ 38,842 $ 21,936 $ 17,332 $ 14,203
ADD:
(a) Fixed charges .......................................... 108,963 99,018 73,056 62,292 52,384
DEDUCT:
(a) Interest capitalized during year ....................... 134 -- -- -- --
--------- --------- -------- -------- --------
Earnings, for computation purposes .......................... $ 149,292 $ 137,860 $ 94,992 $ 79,624 $ 66,587
========= ========= ======== ======== ========
FIXED CHARGES:
Interest on indebtedness, expensed or capitalized .......... $ 107,124 $ 97,905 $ 72,005 $ 61,522 $ 51,758
Portion of rents representative of the interest factor ..... 1,710 984 922 641 551
Amortization of debt expense ............................... 129 129 129 129 75
--------- --------- -------- -------- --------
Fixed charges, for computation purposes ..................... $ 108,963 $ 99,018 $ 73,056 $ 62,292 $ 52,384
========= ========= ======== ======== ========
Ratio of earnings to fixed charges .......................... 1.37x 1.39x 1.30x 1.28x 1.27x
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