EXHIBIT 11

                              CARNIVAL CORPORATION
             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
                     (in thousands, except per share data)


                         Six Months Ended May 31,  Three Months Ended May 31,
                               1996      1995           1996        1995
                                                     
Net income                   $183,348 $157,321        $106,283   $ 89,769
Adjustments to net income for    
the purpose of computing fully 
diluted earnings per share:
   Interest reduction from 
   assumed conversion of 4.5% 
   Convertible Subordinated 
   Notes                         2,772    2,770           1,386      1,385
Adjusted net income           $186,120 $160,091        $107,669   $ 91,154


Weighted average shares
outstanding                    287,190  283,356         288,960    283,886
Adjustments to weighted 
average shares outstanding for the
purpose of computing fully diluted
earnings per share:
   Additional shares issuable upon 
   assumed conversion of 4.5% 
   Convertible Subordinated
   Notes                         6,618    6,618           6,618     6,618
    
Adjusted weighted average
shares outstanding             293,808  289,974         295,578   290,504
                
Earnings per share:
Primary                          $0.64    $0.56           $0.37     $0.32
Fully Diluted*                   $0.63    $0.55           $0.36     $0.31
                              
                       




*In accordance with Accounting Principles Board Opinion No. 15, the Company
does not present fully diluted EPS in its financial statements because the
Company's convertible securities are anti-dilutive or result in a less than
3% dilution for the periods presented.