EXHIBIT 12 CARNIVAL CORPORATION RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios) Nine Months Ended August 31, 1996 1995 Net Income $451,479 $366,863 Income tax expense 11,006 11,096 Income before income tax expense 462,485 377,959 Fixed Charges: Interest expense, net 49,889 48,583 Interest portion of rental expense (1) 1,626 1,266 Capitalized interest 18,679 13,359 Total Fixed Charges 70,194 63,208 Fixed Charges Not Currently Affecting Income: Capitalized interest 18,679 13,359 Earnings before fixed charges $514,000 $427,808 Ratio of earnings to fixed charges 7.3x 6.8x ________________________ (1) Represents one-third of rental expense, which Company management believes to be representative of the interest portion of rental expense.