EX-12.1 2 rcl-20171231xex121.htm EXHIBIT 12.1
Exhibit 12.1
Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

|  | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,625,133 |  |  | $ | 1,283,338 |  |  | $ | 665,783 |  |  | $ | 764,146 |  |  | $ | 473,692 |
Income tax expense (benefit) |  | 18,261 |  |  | 20,070 |  |  | 11,094 |  |  | (20,896 | ) |  | 24,937 |
Income from equity investees, net of distributions |  | (46,570 | ) |  | (52,408 | ) |  | (53,015 | ) |  | (45,362 | ) |  | (26,071 | )
Fixed charges |  | 333,977 |  |  | 342,307 |  |  | 314,107 |  |  | 299,410 |  |  | 364,515 |
Capitalized interest |  | (24,243 | ) |  | (25,253 | ) |  | (26,491 | ) |  | (28,827 | ) |  | (17,878 | )
Earnings |  | $ | 1,906,558 |  |  | $ | 1,568,054 |  |  | $ | 911,478 |  |  | $ | 968,471 |  |  | $ | 819,195 |
Fixed Charges |  |  |  |  |  |  |  |  |  |
Interest expense (1) |  | $ | 324,225 |  |  | $ | 332,628 |  |  | $ | 304,216 |  |  | $ | 287,126 |  |  | $ | 350,299 |
Interest portion of rent expense (2) |  | 9,752 |  |  | 9,679 |  |  | 9,891 |  |  | 12,284 |  |  | 14,216 |
Fixed charges |  | $ | 333,977 |  |  | $ | 342,307 |  |  | $ | 314,107 |  |  | $ | 299,410 |  |  | $ | 364,515 |
Ratio of Earnings to Fixed Charges |  | 5.7x |  |  | 4.6x |  |  | 2.9x |  |  | 3.2x |  |  | 2.2x |

(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.
(2) For the years 2014 and 2013, interest portion of rent expense represents actual interest charges for Brilliance of the Seas operating lease. For all other rentals in the periods presented, we have assumed that one-third of rent expense is representative of the interest factor.