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New words:
affirmed, age, AIDAmar, Allegraship, ascertainable, began, beginning, begun, British, Coastguard, core, denial, denied, drawn, excludingGrand, Grand, includeCosta, investigation, loan, Merchant, millionCosta, Mistral, MNOPF, Navy, notice, ofBritannia, ourAIDAstella, perpetual, pollution, range, rebranded, rebranding, rebuild, repair, size, smaller, SpiritandSeabourn, term, thatCaribbean, undiscounted, viable
Removed:
Chairman, collect, enrichment, indirect, intention, nonrecurrence, publicly, spending, translate, unjust
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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
| Nine Months Ended August 31, | ||||||||
| 2013 | 2012 | |||||||
Net income | $ | 1,012 | $ | 1,205 | ||||
Income tax expense, net | 3 | 4 | ||||||
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Income before income taxes | 1,015 | 1,209 | ||||||
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Fixed charges | ||||||||
Interest expense, net | 237 | 259 | ||||||
Interest portion of rent expense (a) | 14 | 15 | ||||||
Capitalized interest | 11 | 14 | ||||||
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Total fixed charges | 262 | 288 | ||||||
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Fixed charges not affecting earnings | ||||||||
Capitalized interest | (11 | ) | (14 | ) | ||||
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Earnings before fixed charges | $ | 1,266 | $ | 1,483 | ||||
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Ratio of earnings to fixed charges | 4.8 | 5.1 | ||||||
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| (a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |