EX-12 6 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Six Months Ended |
|  | May 31, |
|  | 2011 |  |  | 2010 |
Net income |  | $ | 358 |  |  | $ | 427 |
Income tax expense (benefit), net |  |  | 3 |  |  |  | (16 | )
Income before income taxes |  |  | 361 |  |  |  | 411 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 177 |  |  |  | 195 |
Interest portion of rent expense (a) |  |  | 10 |  |  |  | 11 |
Capitalized interest |  |  | 12 |  |  |  | 13 |
Total fixed charges |  |  | 199 |  |  |  | 219 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (12 | ) |  |  | (13 | )
Earnings before fixed charges |  | $ | 548 |  |  | $ | 617 |
Ratio of earnings to fixed charges |  |  | 2.8 | x |  |  | 2.8 | x

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