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EXHIBIT 12
CARNIVAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
FOR THE YEARS ENDED NOVEMBER 30,
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1994 1993 1992 1991 1990
---- ---- ---- ---- ----
Income from continuing operations $381,765 $318,170 $281,773 $253,824 $234,431
Income tax expense 10,053 5,497 9,008 8,995 4,546
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Income from continuing operations
before income taxes $391,818 $323,667 $290,781 $262,819 $238,977
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Fixed Charges:
Interest expense $ 51,378 $ 34,325 $ 53,792 $ 65,428 $ 61,848
Interest portion of rental expense (1) 2,575 2,894 3,567 3,300 2,883
Fixed charges associated with
discontinued operations 928 1,451 1,265 7,349 7,299
Capitalized interest 21,888 24,609 21,682 28,215 40,312
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Total fixed charges $ 76,769 $ 63,279 $ 80,306 $104,292 $112,342
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Earnings before fixed charges $446,699 $362,337 $349,405 $338,896 $311,007
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Ratio of earnings to fixed charges 5.8 x 5.7 x 4.4 x 3.2 x 2.8 x
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(1) Represents one-third of rental expense, which Company management believes
to be representative of the interest portion of rental expense.