Carnival Corporation & plc (CUK) 10-Q2014 Q2 Quarterly report

Filed: 2 Jul 14, 12:00am

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New words: absorption, annum, bps, byCosta, Caribbean, Celebration, CelebrationandGrand, Celebrationexceeded, Celebrationinto, clause, complaint, Continental, equal, fee, forGrand, Holiday, ifGrand, left, LegendandSeabourn, margin, nominal, ofGrand, ofRegal, originally, proposed, renamedCosta, Spiritleaving, stemming, toGrand

Removed: appeal, Certification, dismissed, matter, Passage, removal, SEC, settled

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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

Income before income taxes		93			80

Fixed charges
Interest expense, net		143			161
Interest portion of rent expense (a)		10			9
Capitalized interest		11			7

Total fixed charges		164			177

Fixed charges not affecting earnings
Capitalized interest		(11	)		(7	)

Earnings before fixed charges	$	246		$	250

Ratio of earnings to fixed charges		1.5			1.4

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

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