Although the compiler can calculate the sum/difference of a few constants in that simple way. And even if it didn't, it would still disappear in the noise in a profile, compared to fgetc()/fputc() - I'm sure the processor can add/subtract in something like 3 clock-cycles (on a reasonably modern processor - 486 or better), whilst fgetc() is bound to take a few hundred cycles.
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Mats