<PAGE> 1
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of the Company's earnings to fixed
charges, on a consolidated basis, for the periods indicated:
<TABLE>
<CAPTION>
Six Months Ended
June 30, Year Ended December 31,
-------------------------------- --------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
7.1X 7.2X 6.9X 6.8X 7.3X 8.1X <F1> 6.6X <F2>
For purposes of this ratio, earnings have been calculated by adding to income
before income taxes the distributed earnings of investees accounted for under
the equity method and the amount of fixed charges. Fixed charges consist of
interest on all indebtedness, amortization of debt discounts and that portion
of rental expense deemed to represent interest.
<FN>
<F1> The ratio for 1996 includes the gain from the sale of the St. Louis
Cardinals Major League Baseball club, which increased income before income
taxes by $54.7 million for the year. Excluding this one-time gain, the ratio
would have been 7.9X.
<F2> The ratio for 1995 includes the impact of the Tampa Brewery shutdown and
the reduction of beer wholesaler inventories. Excluding these non-recurring
items, the ratio would have been 7.6X.
</TABLE>
