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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months Ended August 31, | ||||||||
2011 | 2010 | |||||||
Net income | $ | 1,695 | $ | 1,730 | ||||
Income tax expense (benefit), net | 8 | (6 | ) | |||||
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Income before income taxes | 1,703 | 1,724 | ||||||
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Fixed charges | ||||||||
Interest expense, net | 273 | 285 | ||||||
Interest portion of rent expense (a) | 16 | 17 | ||||||
Capitalized interest | 16 | 20 | ||||||
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Total fixed charges | 305 | 322 | ||||||
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Fixed charges not affecting earnings | ||||||||
Capitalized interest | (16 | ) | (20 | ) | ||||
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Earnings before fixed charges | $ | 1,992 | $ | 2,026 | ||||
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Ratio of earnings to fixed charges | 6.5 | x | 6.3 | x | ||||
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(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |