EX-12 4 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Three Months Ended February 28, |
|  | 2011 |  |  | 2010 |
Net income |  | $ | 152 |  |  | $ | 175 |
Income tax expense (benefit), net |  |  | 5 |  |  |  | (15 | )
Income before income taxes |  |  | 157 |  |  |  | 160 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 86 |  |  |  | 96 |
Interest portion of rent expense (a) |  |  | 5 |  |  |  | 6 |
Capitalized interest |  |  | 6 |  |  |  | 7 |
Total fixed charges |  |  | 97 |  |  |  | 109 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (6 | ) |  |  | (7 | )
Earnings before fixed charges |  | $ | 248 |  |  | $ | 262 |
Ratio of earnings to fixed charges |  |  | 2.6 | x |  |  | 2.4 | x

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