EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Years Ended November 30, |
|  | 2010 |  |  | 2009 |  |  | 2008 |  |  | 2007 |  |  | 2006 |
Net income |  | $ | 1,978 |  |  | $ | 1,790 |  |  | $ | 2,324 |  |  | $ | 2,395 |  |  | $ | 2,260 |
Income tax expense, net |  |  | 1 |  |  |  | 16 |  |  |  | 47 |  |  |  | 16 |  |  |  | 39 |
Income before income taxes |  |  | 1,979 |  |  |  | 1,806 |  |  |  | 2,371 |  |  |  | 2,411 |  |  |  | 2,299 |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 378 |  |  |  | 380 |  |  |  | 420 |  |  |  | 380 |  |  |  | 331 |
Interest portion of rent expense (a) |  |  | 21 |  |  |  | 18 |  |  |  | 17 |  |  |  | 15 |  |  |  | 16 |
Capitalized interest |  |  | 26 |  |  |  | 37 |  |  |  | 52 |  |  |  | 44 |  |  |  | 37 |
Total fixed charges |  |  | 425 |  |  |  | 435 |  |  |  | 489 |  |  |  | 439 |  |  |  | 384 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalized interest |  |  | (26 | ) |  |  | (37 | ) |  |  | (52 | ) |  |  | (44 | ) |  |  | (37 | )
Earnings before fixed charges |  | $ | 2,378 |  |  | $ | 2,204 |  |  | $ | 2,808 |  |  | $ | 2,806 |  |  | $ | 2,646 |
Ratio of earnings to fixed charges |  |  | 5.6 | x |  |  | 5.1 | x |  |  | 5.7 | x |  |  | 6.4 | x |  |  | 6.9 | x

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