Exhibit 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Three Months Ended Year Ended December 31, March 31, ---------------------------------------------------------------- 2001 2000 1999 1998 1997 1996 -------- --------- --------- ---------- --------- ---------- EARNINGS: Income before income taxes and changes in accounting principles $ 1,247 $ 3,399 $ 3,819 $ 5,198 $ 6,055 $ 4,596 Fixed charges 101 489 386 320 300 324 Adjustments: Capitalized interest, net (2) (11) (18) (17) (17) (7) Equity income or loss, net of dividends 53 380 292 31 (108) (89) --------- --------- --------- --------- --------- -------- Adjusted earnings $ 1,399 $ 4,257 $ 4,479 $ 5,532 $ 6,230 $ 4,824 ========= ========= ========= ========= ========= ======== FIXED CHARGES: Gross interest incurred $ 93 $ 458 $ 355 $ 294 $ 275 $ 293 Interest portion of rent expense 8 31 31 26 25 31 --------- --------- --------- --------- --------- -------- Total fixed charges $ 101 $ 489 $ 386 $ 320 $ 300 $ 324 ========= ========= ========= ========= ========= ======== Ratios of earnings to fixed charges 13.9 8.7 11.6 17.3 20.8 14.9 ========= ========= ========= ========= ========= ======== At March 31, 2001, our Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $367 million. Fixed charges for these contingent liabilities have not been included in the computations of the above ratios as the amounts are immaterial and, in the opinion of management, it is not probable that our Company will be required to satisfy the guarantees.