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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months Ended August 31, | ||||||||
2012 | 2011 | |||||||
Net income | $ | 1,205 | $ | 1,695 | ||||
Income tax expense, net | 4 | 8 | ||||||
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Income before income taxes | 1,209 | 1,703 | ||||||
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Fixed charges | ||||||||
Interest expense, net | 259 | 273 | ||||||
Interest portion of rent expense (a) | 15 | 16 | ||||||
Capitalized interest | 14 | 16 | ||||||
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Total fixed charges | 288 | 305 | ||||||
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Fixed charges not affecting earnings | ||||||||
Capitalized interest | (14 | ) | (16 | ) | ||||
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Earnings before fixed charges | $ | 1,483 | $ | 1,992 | ||||
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Ratio of earnings to fixed charges | 5.1 | 6.5 | ||||||
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(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |