Exhibit 12.2
| Royal Caribbean Cruises Ltd. Ratio of Earnings to Fixed Charges (in thousands, except ratios) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2006 | 2005 | |||||||
| Earnings | ||||||||
| Income before cumulative effect of a change in accounting principle | $ | 241,926 | $ | 292,358 | ||||
| Plus: income tax expense | 3,584 | 2,247 | ||||||
| Plus: (income) loss from equity investees | 433 | (4,208 | ) | |||||
| Plus: fixed charges | 148,185 | 165,949 | ||||||
| Less: capitalized interest | (13,313 | ) | (7,256 | ) | ||||
| Earnings | $ | 380,815 | $ | 449,090 | ||||
| Fixed Charges | ||||||||
| Interest expense (1) | $ | 137,622 | $ | 151,293 | ||||
| Interest portion of rent expense (2) | 10,563 | 14,656 | ||||||
| Fixed charges | $ | 148,185 | $ | 165,949 | ||||
| Ratio of Earnings to Fixed Charges | 2.6 | x | 2.7 | x | ||||
| (1) Interest expense includes capitalized interest and amortization of deferred financing expenses. |
| (2) Interest portion of rent expense represents actual interest charges for theBrilliance of the Seas |
| operating lease and, for all other rentals, we have assumed that one-third of rent expense is representative |
