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EXHIBIT 12
CARNIVAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Three Months Ended February 28,
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1995 1994
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Net Income $ 67,552 $ 65,051
Income tax benefit (4,830) (4,285)
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Income before income tax benefit 62,722 60,766
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Fixed Charges:
Interest expense, net 17,551 13,137
Interest portion of rental expense (1) 531 735
Capitalized interest 3,805 4,297
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TOTAL FIXED CHARGES 21,887 18,169
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Fixed Charges Not Currently Affecting Income:
Capitalized interest (3,805) (4,297)
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EARNINGS BEFORE FIXED CHARGES $ 80,804 $ 74,638
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RATIO OF EARNINGS TO FIXED CHARGES 3.7x 4.1x
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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.