EX-12 6 d308899dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Three Months Ended February 29/28, |
|  | 2012 |  |  | 2011 |
Net (loss) income |  | $ | (139 | ) |  | $ | 152 |
Income tax (benefit) expense, net |  |  | (2 | ) |  |  | 5 |
(Loss) income before income taxes |  |  | (141 | ) |  |  | 157 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 88 |  |  |  | 86 |
Interest portion of rent expense (a) |  |  | 5 |  |  |  | 5 |
Capitalized interest |  |  | 5 |  |  |  | 6 |
Total fixed charges |  |  | 98 |  |  |  | 97 |
Fixed charges not affecting (loss) earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (5 | ) |  |  | (6 | )
(Loss) earnings before fixed charges |  | $ | (48 | ) |  | $ | 248 |
Ratio of earnings to fixed charges |  |  | — |  |  |  | 2.6 |
Coverage deficiency |  | $ | 146 |  |  | $ | — |

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