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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Three Months Ended | |||||||
February 28, | |||||||
2015 | 2014 (a) | ||||||
Net income (loss) | $ | 49 | $ | (20 | ) | ||
Income tax expense, net | 3 | 1 | |||||
Income (loss) before income taxes | 52 | (19 | ) | ||||
Fixed charges | |||||||
Interest expense, net | 57 | 72 | |||||
Interest portion of rent expense (b) | 6 | 5 | |||||
Capitalized interest | 5 | 5 | |||||
Total fixed charges | 68 | 82 | |||||
Fixed charges not affecting earnings (loss) | |||||||
Capitalized interest | (5 | ) | (5 | ) | |||
Earnings before fixed charges | $ | 115 | $ | 58 | |||
Ratio of earnings to fixed charges | 1.7 | — | |||||
Coverage deficiency | $ | — | $ | 24 |
(a) Revised as discussed in Note 1 to the consolidated financial statements.
(b) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.