| Years Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Net income | $ | 764,146 | $ | 473,692 | $ | 18,287 | $ | 607,421 | $ | 515,653 | ||||||||||
| Income tax (benefit) expense | (20,896 | ) | 24,937 | 55,518 | 20,673 | 20,266 | ||||||||||||||
| Income from equity investees, net of distributions | (45,362 | ) | (26,071 | ) | (21,078 | ) | (118 | ) | (200 | ) | ||||||||||
| Fixed charges | 299,410 | 364,515 | 383,575 | 409,246 | 409,065 | |||||||||||||||
| Capitalized interest | (28,827 | ) | (17,878 | ) | (13,281 | ) | (13,986 | ) | (28,093 | ) | ||||||||||
| Earnings | $ | 968,471 | $ | 819,165 | $ | 423,021 | $ | 1,023,236 | $ | 916,691 | ||||||||||
| Fixed Charges | ||||||||||||||||||||
Interest expense (1) | $ | 287,126 | $ | 350,299 | $ | 369,062 | $ | 396,402 | $ | 399,300 | ||||||||||
Interest portion of rent expense (2) | 12,284 | 14,216 | 14,513 | 12,844 | 9,765 | |||||||||||||||
| Fixed charges | $ | 299,410 | $ | 364,515 | $ | 383,575 | $ | 409,246 | $ | 409,065 | ||||||||||
| Ratio of Earnings to Fixed Charges | 3.2x | 2.2x | 1.1x | 2.5x | 2.2x | |||||||||||||||
(1) Interest expense includes capitalized interest and amortization of deferred financing expenses. |
(2) Interest portion of rent expense represents actual interest charges for the Brilliance of the Seas operating lease and, for all other rentals, we have assumed that one-third of rent expense is representative of the interest factor. |
