EX-12 2 d382688dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Nine Months Ended August 31, |
|  | 2012 |  |  | 2011 |
Net income |  | $ | 1,205 |  |  | $ | 1,695 |
Income tax expense, net |  |  | 4 |  |  |  | 8 |
Income before income taxes |  |  | 1,209 |  |  |  | 1,703 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 259 |  |  |  | 273 |
Interest portion of rent expense (a) |  |  | 15 |  |  |  | 16 |
Capitalized interest |  |  | 14 |  |  |  | 16 |
Total fixed charges |  |  | 288 |  |  |  | 305 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (14 | ) |  |  | (16 | )
Earnings before fixed charges |  | $ | 1,483 |  |  | $ | 1,992 |
Ratio of earnings to fixed charges |  |  | 5.1 |  |  |  | 6.5 |

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