EXH.12.1 - RATIOS EARNINGS/FIXED CHARGES

EXHIBIT 12.1



THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(IN MILLIONS EXCEPT RATIOS)

Year Ended December 31,
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1996 1995 1994 1993 1992
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Earnings:

Income from continuing operations
before income taxes and changes
in accounting principles $ 4,596 $ 4,328 $ 3,728 $ 3,185 $ 2,746

Fixed charges 324 318 236 213 207

Less: Capitalized interest, net (7) (9) (5) (16) (10)

Equity income, net of dividends (89) (25) (4) (35) (30)
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Adjusted earnings $ 4,824 $ 4,612 $ 3,955 $ 3,347 $ 2,913
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Fixed charges:

Gross interest incurred $ 293 $ 281 $ 204 $ 184 $ 181

Interest portion of rent expense 31 37 32 29 26
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Total fixed charges $ 324 $ 318 $ 236 $ 213 $ 207
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Ratios of earnings to fixed charges 14.9 14.5 16.8 15.7 14.1
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The Company is contingently liable for guarantees of indebtedness owed by third parties in the amount
of $274 million, of which $34 million related to independent bottling licensees. Fixed charges for these
contingent liabilities have not been included in the computation of the above ratios as the amounts are
immaterial and, in the opinion of Management, it is not probable that the Company will be required to
satisfy the guarantees.