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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months Ended | |||||||
August 31, | |||||||
2016 | 2015 | ||||||
Net income | $ | 2,171 | $ | 1,487 | |||
Income tax expense, net | 44 | 41 | |||||
Income before income taxes | 2,215 | 1,528 | |||||
Fixed charges | |||||||
Interest expense, net | 168 | 167 | |||||
Interest portion of rent expense (a) | 16 | 18 | |||||
Capitalized interest | 21 | 16 | |||||
Total fixed charges | 205 | 201 | |||||
Fixed charges not affecting earnings | |||||||
Capitalized interest | (21 | ) | (16 | ) | |||
Earnings before fixed charges | $ | 2,399 | $ | 1,713 | |||
Ratio of earnings to fixed charges | 11.7 | 8.5 |
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.