<PAGE>   1
                                                                      EXHIBIT 12


                               WHITMAN CORPORATION
                            STATEMENT OF CALCULATION
                      OF RATIO OF EARNINGS TO FIXED CHARGES
                          (in Millions, Except Ratios)





<TABLE>
<CAPTION>
                                                First Half                                   Fiscal Years
                                          ----------------------     -------------------------------------------------------------
                                             1999         1998         1998         1997         1996         1995          1994
                                          ---------    ---------     --------     --------     --------     ---------    ---------
<S>                                       <C>          <C>           <C>          <C>          <C>          <C>          <C>
Earnings:
Income from Continuing
   Operations before Taxes                $    (5.3)   $    60.6     $  152.2     $   69.9     $  127.7     $   118.2    $    80.3
Fixed Charges                                  30.3         26.1         51.5         75.6         74.4          76.7         72.2
                                          ---------    ---------     --------     --------     --------     ---------    ---------

Earnings as Adjusted                      $    25.0    $    86.7     $  203.7     $  145.5     $  202.1     $   194.9    $   152.5
                                          =========    =========     ========     ========     ========     =========    =========


Fixed Charges:
Interest Expense                          $    27.6    $    23.5     $   46.4     $   69.0     $   68.2     $    70.3    $    67.0
Preferred Stock Dividend Requirements
   Of Majority Owned Subsidiary                  --           --           --          1.7          1.5           1.4          1.1
Portion of Rents Representative
   of Interest Factor                           2.7          2.6          5.1          4.9          4.7           5.0          4.1
                                          ---------    ---------     --------     --------     --------     ---------    ---------
   Fixed Charges                          $    30.3    $    26.1     $   51.5     $   75.6     $   74.4     $    76.7    $    72.2
                                          =========    =========     ========     ========     ========     =========    =========

Ratio of Earnings to
   Fixed Charges*                               0.8x         3.3x         4.0x         1.9x         2.7x          2.5x         2.1x
                                          =========    =========     ========     ========     ========     =========    =========
</TABLE>


*    Intercompany interest income from Hussmann and Midas was $1.6 million for
     the first half of 1998 and was $1.6 million, $23.1 million, $23.7 million,
     $21.8 million and $20.6 million for the fiscal years 1998, 1997, 1996, 1995
     and 1994, respectively. Such amounts are included in income from continuing
     operations before taxes. If this intercompany interest income had reduced
     interest expense, thereby reducing fixed charges and earnings as adjusted,
     the ratio of earnings to fixed charges for the first half of 1998 and for
     the fiscal years 1998, 1997, 1996, 1995 and 1994 would have been 3.5x,
     4.1x, 2.3x, 3.5x, 3.2x and 2.6x, respectively.

     Whitman Corporation recorded special charges of $49.3 million during the
     third and fourth quarters of 1997. Excluding these special charges, the
     ratio of earnings to fixed charges for fiscal 1997 would have been 2.6x. If
     the fixed charges for 1997 were adjusted for the intercompany interest
     income noted above, the ratio of earnings to fixed charges would have been
     3.3x.

     Whitman Corporation recorded special charges of $79.7 million and a pretax
     gain on the sale of operations in Marion, Virginia, Princeton, West
     Virginia and the St. Petersburg area of Russia of $11.4 million during the
     first half of 1999. Excluding these non-recurring items, the ratio of
     earnings to fixed charges for the first half of 1999 would have been 3.1x.