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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Six Months Ended May 31, | ||||||||
2012 | 2011 | |||||||
Net (loss) income | $ | (125 | ) | $ | 358 | |||
Income tax (benefit) expense, net | (2 | ) | 3 | |||||
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(Loss) income before income taxes | (127 | ) | 361 | |||||
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Fixed charges | ||||||||
Interest expense, net | 175 | 177 | ||||||
Interest portion of rent expense (a) | 10 | 10 | ||||||
Capitalized interest | 11 | 12 | ||||||
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Total fixed charges | 196 | 199 | ||||||
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Fixed charges not affecting earnings | ||||||||
Capitalized interest | (11 | ) | (12 | ) | ||||
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Earnings before fixed charges | $ | 58 | $ | 548 | ||||
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Ratio of earnings to fixed charges | — | 2.8 | ||||||
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Coverage deficiency | $ | 138 | $ | — | ||||
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(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |