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EXHIBIT 12
NCL CORPORATION LTD.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six
FISCAL YEAR ENDED months ended
DECEMBER 31, June 30,
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Pro
Forma (1)
2000 2001 2002 2003 2004 2004 2005
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(Dollars in thousands)
Net (loss) income $ (67,826) $ (61,784) $ 35,242 $ (13,513) $ (8,708) $ (19,263) $ 11,367
Fixed charges:
Interest expense 133,880 52,707 53,396 50,849 48,886 61,835 34,048
Interest capitalized 6,400 19,400 5,600 4,300 17,418 17,418 19,636
Interest included in rent expense (33%) 1,386 1,650 1,683 1,947 9,421 12,503 6,003
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Total fixed charges 141,666 73,757 60,679 57,096 75,725 91,756 59,687
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Fixed charges not affecting
earnings
Interest capitalized (6,400) (19,400) (5,600) (4,300) (17,418) (17,418) (19,636)
Earnings (loss) before fixed charges $ 67,440 $ (7,427) $ 90,321 $ 39,283 $ 49,599 $ 55,075 $ 51,418
Ratio of earnings to fixed charges -- -- 1.49 -- -- -- --
Deficiency of earnings available
to cover fixed charges $ 74,226 $ 81,184 -- $ 17,813 $ 26,126 $ 36,681 $ 8,269
(1) Pro forma amounts give effect to the transaction included in the
unaudited condensed consolidated financial statement included elsewhere
in this Registration Statement.
Note: The ratio of earnings to fixed charges should be read in conjunction with
the Consolidated Financial Statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations included
elsewhere in this Registration Statement