Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Three Months
Ended February 28,
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2007 2006
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Net income $283 $251
Income tax (benefit) expense, net (4) 14
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Income before income taxes 279 265
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Fixed charges
Interest expense, net 84 76
Interest portion of rent expense(a) 4 4
Capitalized interest 11 8
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Total fixed charges 99 88
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Fixed charges not affecting earnings
Capitalized interest (11) (8)
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Earnings before fixed charges $367 $345
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Ratio of earnings to fixed charges 3.7x 3.9x
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(a) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.
19