EX-12 3 d603807dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Nine Months Ended August 31, |
|  | 2013 |  |  | 2012 |
Net income |  | $ | 1,012 |  |  | $ | 1,205 |
Income tax expense, net |  |  | 3 |  |  |  | 4 |
Income before income taxes |  |  | 1,015 |  |  |  | 1,209 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 237 |  |  |  | 259 |
Interest portion of rent expense (a) |  |  | 14 |  |  |  | 15 |
Capitalized interest |  |  | 11 |  |  |  | 14 |
Total fixed charges |  |  | 262 |  |  |  | 288 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (11 | ) |  |  | (14 | )
Earnings before fixed charges |  | $ | 1,266 |  |  | $ | 1,483 |
Ratio of earnings to fixed charges |  |  | 4.8 |  |  |  | 5.1 |

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