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Removed:
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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Six Months Ended May 31, | ||||||||
2014 | 2013 | |||||||
Net income | $ | 91 | $ | 78 | ||||
Income tax expense, net | 2 | 2 | ||||||
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Income before income taxes | 93 | 80 | ||||||
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Fixed charges | ||||||||
Interest expense, net | 143 | 161 | ||||||
Interest portion of rent expense (a) | 10 | 9 | ||||||
Capitalized interest | 11 | 7 | ||||||
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Total fixed charges | 164 | 177 | ||||||
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Fixed charges not affecting earnings | ||||||||
Capitalized interest | (11 | ) | (7 | ) | ||||
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Earnings before fixed charges | $ | 246 | $ | 250 | ||||
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Ratio of earnings to fixed charges | 1.5 | 1.4 | ||||||
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(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |