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Filing tables
Filing exhibits
- 10-K Annual report
- 10.10 Exhibit 10.10
- 10.17 Exhibit 10.17
- 10.31 Exhibit 10.31
- 10.42 Exhibit 10.42
- 12.1 Exhibit 12.1
- 18.1 Exhibit 18.1
- 21.1 Exhibit 21.1
- 23.1 Exhibit 23.1
- 23.2 Exhibit 23.2
- 24.1 Exhibit 24.1
- 31.1 Exhibit 31.1
- 31.2 Exhibit 31.2
- 32.1 Exhibit 32.1
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Exhibit 12.1
Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Years Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Net income | $ | 1,283,338 | $ | 665,783 | $ | 764,146 | $ | 473,692 | $ | 18,287 | ||||||||||
Income tax (benefit) expense | 20,070 | 11,094 | (20,896 | ) | 24,937 | 55,518 | ||||||||||||||
Income from equity investees, net of distributions | (52,408 | ) | (53,015 | ) | (45,362 | ) | (26,071 | ) | (21,078 | ) | ||||||||||
Fixed charges | 342,307 | 314,107 | 299,410 | 364,515 | 383,575 | |||||||||||||||
Capitalized interest | (25,253 | ) | (26,491 | ) | (28,827 | ) | (17,878 | ) | (13,281 | ) | ||||||||||
Earnings | $ | 1,568,054 | $ | 911,478 | $ | 968,471 | $ | 819,195 | $ | 423,021 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense (1) | $ | 332,628 | $ | 304,216 | $ | 287,126 | $ | 350,299 | $ | 369,062 | ||||||||||
Interest portion of rent expense (2) | 9,679 | 9,891 | 12,284 | 14,216 | 14,513 | |||||||||||||||
Fixed charges | $ | 342,307 | $ | 314,107 | $ | 299,410 | $ | 364,515 | $ | 383,575 | ||||||||||
Ratio of Earnings to Fixed Charges | 4.6x | 2.9x | 3.2x | 2.2x | 1.1x |
(1) Interest expense includes capitalized interest and amortization of deferred financing expenses. | ||
(2) For the years 2014 through 2011, interest portion of rent expense represents actual interest charges for Brilliance of the Seas operating lease. For all other rentals in the periods presented, we have assumed that one-third of rent expense is representative of the interest factor. |