EXHIBIT 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Nine Months Ended Year Ended December 31, September 30, ----------------------------------------------- 1996 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- ---- EARNINGS: Income before income taxes and changes in accounting principles $3,492 $4,328 $3,728 $3,185 $2,746 $2,383 Fixed charges 243 318 236 213 207 222 Adjustments: Capitalized interest, net (4) (9) (5) (16) (10) (8) Equity income, net of dividends (69) (25) (4) (35) (30) (16) ------- ------- ------- ------- ------- ------- Adjusted earnings $3,662 $4,612 $3,955 $3,347 $2,913 $2,581 ======= ======= ======= ======= ======= ======= FIXED CHARGES: Gross interest incurred $ 214 $ 281 $ 204 $ 184 $ 181 $ 200 ------- ------- ------- ------- ------- ------- Interest portion of rent expense 29 37 32 29 26 22 Total fixed charges $ 243 $ 318 $ 236 $ 213 $ 207 $ 222 ======= ======= ======= ======= ======= ======= Ratios of earnings to fixed charges 15.1 14.5 16.8 15.7 14.1 11.6 ======= ======= ======= ======= ======= ======= The Company is contingently liable for guarantees of indebtedness of independent bottling companies and others (approximately $183 million at September 30, 1996). 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 the Company will be required to satisfy the guarantees.