THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| Three Months Ended March 28, |
Year Ended December 31, |
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| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||
| (In millions except ratios) | |||||||||||||||
| EARNINGS: | |||||||||||||||
| Income from continuing operations before income taxes and changes in accounting principles |
$ 1,948 | $ 7,873 | $ 6,578 | $ 6,690 | $ 6,222 | $ 5,495 | |||||||||
| Fixed charges | 132 | 524 | 271 | 281 | 232 | 220 | |||||||||
| Less: | |||||||||||||||
| Capitalized interest, net | (1 | ) | (12 | ) | (10 | ) | (3 | ) | (1 | ) | (1 | ) | |||
| Equity income, net of dividends | (122 | ) | (452 | ) | 124 | (446 | ) | (476 | ) | (294 | ) | ||||
| Adjusted earnings | $ 1,957 | $ 7,933 | $ 6,963 | $ 6,522 | $ 5,977 | $ 5,420 | |||||||||
| FIXED CHARGES: | |||||||||||||||
| Gross interest incurred | $ 118 | $ 468 | $ 230 | $ 243 | $ 197 | $ 179 | |||||||||
| Interest portion of rent expense | 14 | 56 | 41 | 38 | 35 | 41 | |||||||||
| Total fixed charges | $ 132 | $ 524 | $ 271 | $ 281 | $ 232 | $ 220 | |||||||||
| Ratios of earnings to fixed charges | 14.8 | 15.1 | 25.7 | 23.2 | 25.8 | 24.6 | |||||||||
As of March 28, 2008, the Company was contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $249 million. 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. The interest amount, in the above table, does not include interest expense associated with unrecognized tax benefits.