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, ----------------------------------------------- 1998 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- ---- EARNINGS: Income before income taxes and changes in accounting principles $ 1,243 $ 6,055 $ 4,596 $ 4,328 $ 3,728 $ 3,185 Fixed charges 74 300 324 318 236 213 Adjustments: Capitalized interest, net (5) (17) (7) (9) (5) (16) Equity (income) loss, net of dividends 30 (108) (89) (25) (4) (35) ------- ------- ------- ------- ------- ------- Adjusted earnings $ 1,342 $ 6,230 $ 4,824 $ 4,612 $ 3,955 $ 3,347 ======= ======= ======= ======= ======= ======= FIXED CHARGES: Gross interest incurred $ 67 $ 275 $ 293 $ 281 $ 204 $ 184 Interest portion of rent expense 7 25 31 37 32 29 ------- ------- ------- ------- ------- ------- Total fixed charges $ 74 $ 300 $ 324 $ 318 $ 236 $ 213 ======= ======= ======= ======= ======= ======= Ratios of earnings to fixed charges 18.1 20.8 14.9 14.5 16.8 15.7 ======= ======= ======= ======= ======= ======= <FN> At March 31, 1998, the Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $537 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 the Company will be required to satisfy the guarantees.