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New words:
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Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended November 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Net income | $ | 1,078 | $ | 1,298 | $ | 1,912 | $ | 1,978 | $ | 1,790 | ||||||||||
Income tax (benefit) expense, net | (6 | ) | 4 | — | 1 | 16 | ||||||||||||||
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Income before income taxes | 1,072 | 1,302 | 1,912 | 1,979 | 1,806 | |||||||||||||||
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Fixed charges | ||||||||||||||||||||
Interest expense, net | 319 | 336 | 365 | 378 | 380 | |||||||||||||||
Interest portion of rent expense (a) | 20 | 19 | 20 | 21 | 18 | |||||||||||||||
Capitalized interest | 15 | 17 | 21 | 26 | 37 | |||||||||||||||
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Total fixed charges | 354 | 372 | 406 | 425 | 435 | |||||||||||||||
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Fixed charges not affecting earnings | ||||||||||||||||||||
Capitalized interest | (15 | ) | (17 | ) | (21 | ) | (26 | ) | (37 | ) | ||||||||||
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Earnings before fixed charges | $ | 1,411 | $ | 1,657 | $ | 2,297 | $ | 2,378 | $ | 2,204 | ||||||||||
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Ratio of earnings to fixed charges | 4.0x | 4.5x | 5.7x | 5.6x | 5.1x | |||||||||||||||
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(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |