EX-12 2 d476018dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Three Months Ended |
|  | February 28/29, |
|  | 2013 |  |  | 2012 |
Net income (loss) |  | $ | 37 |  |  | $ | (139 | )
Income tax expense (benefit), net |  |  | 2 |  |  |  | (2 | )
Income (loss) before income taxes |  |  | 39 |  |  |  | (141 | )
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 83 |  |  |  | 88 |
Interest portion of rent expense (a) |  |  | 4 |  |  |  | 5 |
Capitalized interest |  |  | 4 |  |  |  | 5 |
Total fixed charges |  |  | 91 |  |  |  | 98 |
Fixed charges not affecting earnings (loss) |  |  |  |  |  |  |  |
Capitalized interest |  |  | (4 | ) |  |  | (5 | )
Earnings (loss) before fixed charges |  | $ | 126 |  |  | $ | (48 | )
Ratio of earnings to fixed charges |  |  | 1.4 |  |  |  | - |
Coverage deficiency |  |  | - |  |  |  | 146 |

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