EXHIBIT 12 CARNIVAL CORPORATION RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios) Six Months Ended May 31, 1995 1994 Net Income $157,321 $142,937 Income tax benefit (5,361) (6,206) Income before income tax benefit 151,960 136,731 Fixed Charges: Interest expense, net 33,315 24,846 Interest portion of rental expense (1) 841 1,186 Capitalized interest 8,149 9,608 Total Fixed Charges 42,305 35,640 Fixed Charges Not Currently Affecting Income: Capitalized interest 8,149 9,608 Earnings before fixed charges $186,116 $162,763 Ratio of earnings to fixed charges 4.4x 4.6x ________________________ (1) Represents one-third of rental expense, which Company management believes to be representative of the interest portion of rental expense.