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