EXHIBIT 12
                               PEPSIAMERICAS, INC.
                            STATEMENT OF CALCULATION
                      OF RATIO OF EARNINGS TO FIXED CHARGES
                          (in millions, except ratios)

<TABLE>
<CAPTION>
                                             First Quarter                                 Fiscal Years
                                        ----------------------     -------------------------------------------------------------
                                           2001         2000         2000         1999         1998         1997          1996
                                        ---------    ---------     --------     ---------    ---------    ---------    -------
<S>                                     <C>          <C>           <C>          <C>          <C>          <C>          <C>

Earnings:
Income from continuing
   operations before taxes              $    23.8    $    19.4     $  141.1     $   71.6     $  152.2     $    69.9     $  127.7
Fixed charges                                27.3         22.5         91.7         73.5         51.5          75.6         74.4
                                        ---------    ---------     --------     --------     --------     ---------    ---------

Earnings as adjusted                    $    51.1    $    41.9     $  232.8     $  145.1     $  203.7     $   145.5     $  202.1
                                        =========    =========     ========     ========     ========     =========     ========


Fixed charges:
Interest expense                        $    25.7    $    20.8     $   85.8     $   67.1     $   46.4     $    69.0     $   68.2
Preferred stock dividend requirements
   of majority owned subsidiary                --           --           --           --           --           1.7          1.5
Portion of rents representative
   of interest factor                         1.6          1.7          5.9          6.4          5.1           4.9          4.7
                                        ---------    ---------     --------     --------     --------     ---------     --------
   Fixed charges                        $    27.3    $    22.5     $   91.7     $   73.5     $   51.5     $    75.6     $   74.4
                                        =========    =========     ========     ========     ========     =========     ========

Ratio of earnings to
   fixed charges*                             1.9x         1.9x         2.5x         2.0x         4.0x          1.9x         2.7x
                                        =========    =========     ========     ========     ========     =========    =========
</TABLE>


*    PepsiAmericas, Inc. recorded a gain on pension curtailment of $8.9 million
     in the first quarter of 2001, as well as a special charge of $4.6 million.
     Excluding these non-recurring items, the ratio of earnings to fixed charges
     for the first quarter of 2001 would have been 1.7x.

     PepsiAmericas, Inc. recorded a pretax gain of $2.6 million in the first
     quarter of 2000 related to the sale of operations in the Baltics. Excluding
     this gain, the ratio of earnings to fixed charges for the first quarter of
     2000 would have been 1.7x.

     PepsiAmericas, Inc. also recorded special charges of $27.9 million during
     1999, as well as a $56.3 million pretax charge to reduce the book value of
     non-operating real estate. In addition, PepsiAmericas, Inc. recorded a
     $13.3 million pretax gain on the sale of operations in Marion, Virginia;
     Princeton, West Virginia and the St. Petersburg area of Russia. Excluding
     these charges and credits, the ratio of earnings to fixed charges for 1999
     would have been 2.9x.

     Intercompany interest income from Hussmann and Midas was $1.6 million,
     $23.1 million and $23.7 million in 1998, 1997 and 1996, respectively. If
     the fixed charges had been reduced by this intercompany interest income,
     the ratio of earnings to fixed charges for 1998, 1997 and 1996 would have
     been 4.1x, 2.3x and 3.5x, respectively.

     PepsiAmericas, Inc. also recorded special charges of $49.3 million during
     1997. Excluding these special charges, the 1997 ratio of earnings to fixed
     charges would have been 2.6x. Additionally, 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.