Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

Coca-Cola Bottling Co. Consolidated

Ratio of Earnings to Fixed Charges

	First Half		Fiscal Year
(in thousands, except ratios)	2017		2016		2015		2014		2013		2012
Computation of Earnings:
Income before income taxes	$	3,216	$	92,712	$	99,122	$	55,618	$	44,244	$	53,348
Add:
Interest expense		19,387		34,475		26,905		27,337		27,474		33,104
Amortization of debt premium/discount and expenses		537		1,855		2,011		1,938		1,933		2,242
Interest portion of rent expense(1)		2,975		4,564		2,977		2,523		2,380		1,975
Earnings as adjusted	$	26,115	$	133,606	$	131,015	$	87,416	$	76,031	$	90,669
Computation of Fixed Charges:
Interest expense	$	19,387	$	34,475	$	26,905	$	27,337	$	27,474	$	33,104
Capitalized interest		281		489		348		173		177		111
Amortization of debt premium/discount and expenses		537		1,855		2,011		1,938		1,933		2,242
Interest portion of rent expense(1)		2,975		4,564		2,977		2,523		2,380		1,975
Fixed charges	$	23,180	$	41,383	$	32,241	$	31,971	$	31,964	$	37,432
Ratio of Earnings to Fixed Charges		1.13		3.23		4.06		2.73		2.38		2.42

⁽¹⁾ Interest portion of rent expense includes 1/3 of net rent expense.