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Exhibit 12.1

THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

    Nine Months
Ended
September 26,
  Year Ended December 31,    

    2008     2007     2006     2005     2004     2003  
   

(In millions except ratios)

                                     

EARNINGS:

                                     
 

Income from continuing operations before income taxes and changes in accounting principles

    $  6,289     $  7,873     $  6,578     $  6,690     $  6,222     $  5,495  
 

Fixed charges

    364     524     271     281     232     220  
 

Less:

                                     
   

Capitalized interest, net

    (4 )   (12 )   (10 )   (3 )   (1 )   (1 )
   

Equity (income) loss, net of dividends

    638     (452 )   124     (446 )   (476 )   (294 )
   
 

Adjusted earnings

    $  7,287     $  7,933     $  6,963     $  6,522     $  5,977     $  5,420  
   

FIXED CHARGES:

                                     
 

Gross interest incurred

    $     321     $     468     $     230     $     243     $     197     $     179  
 

Interest portion of rent expense

    43     56     41     38     35     41  
   
 

Total fixed charges

    $     364     $     524     $     271     $     281     $     232     $     220  
   
 

Ratios of earnings to fixed charges

    20.0     15.1     25.7     23.2     25.8     24.6  
   

        As of September 26, 2008, the Company was contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $194 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.




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