EX-12 2 d225963dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Nine Months Ended August 31, |
|  | 2011 |  |  | 2010 |
Net income |  | $ | 1,695 |  |  | $ | 1,730 |
Income tax expense (benefit), net |  |  | 8 |  |  |  | (6 | )
Income before income taxes |  |  | 1,703 |  |  |  | 1,724 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 273 |  |  |  | 285 |
Interest portion of rent expense (a) |  |  | 16 |  |  |  | 17 |
Capitalized interest |  |  | 16 |  |  |  | 20 |
Total fixed charges |  |  | 305 |  |  |  | 322 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (16 | ) |  |  | (20 | )
Earnings before fixed charges |  | $ | 1,992 |  |  | $ | 2,026 |
Ratio of earnings to fixed charges |  |  | 6.5 | x |  |  | 6.3 | x

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