Carnival Corporation & plc (CUK) 10-Q 2014 Q1 Quarterly report

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Three Months Ended
	February 28,
	2014			2013
Net (loss) income	$	(15	)	$	37
Income tax expense, net		1			2
(Loss) income before income taxes		(14	)		39
Fixed charges
Interest expense, net		72			83
Interest portion of rent expense (a)		5			4
Capitalized interest		5			4
Total fixed charges		82			91
Fixed charges not affecting (loss) earnings
Capitalized interest		(5	)		(4	)
Earnings before fixed charges	$	63		$	126
Ratio of earnings to fixed charges		-			1.4
Coverage deficiency	$	19		$	-

(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.