EX-12 2 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Nine Months Ended August 31, |
|  | 2010 |  |  | 2009 |
Net income |  | $ | 1,730 |  |  | $ | 1,597 |
Income tax (benefit) expense, net |  |  | (6 | ) |  |  | 8 |
Income before income taxes |  |  | 1,724 |  |  |  | 1,605 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 285 |  |  |  | 281 |
Interest portion of rent expense (a) |  |  | 17 |  |  |  | 14 |
Capitalized interest |  |  | 20 |  |  |  | 28 |
Total fixed charges |  |  | 322 |  |  |  | 323 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (20 | ) |  |  | (28 | )
Earnings before fixed charges |  | $ | 2,026 |  |  | $ | 1,900 |
Ratio of earnings to fixed charges |  |  | 6.3 | x |  |  | 5.9 | x

(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.