<PAGE>
Exhibit 12
McDONALD'S CORPORATION
STATEMENT RE: COMPUTATION OF RATIOS
Dollars In Millions
<TABLE>
<CAPTION>
Six months
Ended June 30, Years ended December 31,
2000 1999 1999 1998 1997 1996 1995
--------------------- ------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS AVAILABLE FOR FIXED CHARGES
- Income before provision for income taxes $1,435.7 $1,373.5 $2,884.1 $2,307.4/(1)/ $2,407.3 $2,251.0 $2,169.1
- Minority interest in operating results of
majority-owned subsidiaries, including
fixed charges related to redeemable
preferred stock, less equity in
undistributed operating results of
less-than-50% owned affiliates 4.0 11.0 21.9 23.7 28.3 39.6 19.6
- Provision for income taxes of 50% owned
affiliates included in consolidated
income before provision for income taxes 51.8 25.7 72.8 99.9 69.0 73.2 73.3
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be
representative of interest factors* 95.1 86.2 178.5 161.3 145.9 130.9 103.8
- Interest expense, amortization of debt
discount and issuance costs, and
Depreciation of capitalized interest* 229.5 221.5 440.1 461.9 424.8 392.2 388.8
--------------------- -------------------------------------------------------
$1,816.1 $1,717.9 $3,597.4 $3,054.2 $3,075.3 $2,886.9 $2,754.6
===================== =======================================================
FIXED CHARGES
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be
representative of interest factors* $ 95.1 $ 86.2 $ 178.5 $ 161.3 $ 145.9 $ 130.9 $ 103.8
- Interest expense, amortization of debt
discount and issuance costs, and fixed
charges related to redeemable preferred
stock* 224.7 217.1 431.3 453.4 426.1 410.4 403.4
- Capitalized interest* 7.5 6.7 14.7 18.3 23.7 23.5 22.8
--------------------- ------------------------------------------------------
$ 327.3 $ 310.0 $ 624.5 $ 633.0 $ 595.7 $ 564.8 $ 530.0
===================== ======================================================
RATIO OF EARNINGS TO FIXED CHARGES 5.55 5.54 5.76 4.82/(2)/ 5.16 5.11 5.20
===================== ======================================================
</TABLE>
* Includes amounts of the Registrant and its majority-owned subsidiaries, and
one-half of the amounts of 50%-owned affiliates.
(1) Includes $160.0 million pre-tax special charge and $161.6 million of Made
For You costs for a pre-tax total of $321.6 million.
(2) Excluding the special charge and Made For You costs, the ratio of earnings
to fixed charges for the year ended December 31, 1998 was 5.33.
