Computation of Ratio of Earnings to Fixed Charges
Exhibit 12.1
Carolina First Corporation and Subsidiaries
($ in thousands)
Years Ended December 31,
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1995 1994 1993 1992 1991
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EARNINGS:
Income from continuing operations
before income taxes....................... $ 14,370 $ (1,550) $ 7,723 $ 3,650 $ 2,272
ADD:
(a) Fixed charges............................. 51,573 32,902 24,845 24,145 26,708
DEDUCT:
(a) Interest capitalized during year........... ----- ----- ----- ----- (122)
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Earnings, for computation purposes............... $ 65,943 $ 31,352 $ 32,568 $ 27,795 $ 28,858
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FIXED CHARGES:
Interest on indebtedness, expenses or cap...... $ 50,978 $ 32,509 $ 24,607 $ 24,010 $ 26,612
Portion of rents representative of the
interest factor....................... 520 393 238 135 96
Amortization of debt expense.................... 75
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Fixed charges, for computation purposes.......... $ 51,573 $ 32,902 $ 24,845 $ 24,145 $ 26,708
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Ratio of earnings to fixed charges................... 1.28 x 0.95 x 1.31 x 1.15 x 1.08 x