EX-12 5 d739153dex12.htm EX-12

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

|  | Six Months Ended May 31, |
|  | 2014 |  |  | 2013 |
Net income |  | $ | 91 |  |  | $ | 78 |
Income tax expense, net |  |  | 2 |  |  |  | 2 |
Income before income taxes |  |  | 93 |  |  |  | 80 |
Fixed charges |  |  |  |  |  |  |  |
Interest expense, net |  |  | 143 |  |  |  | 161 |
Interest portion of rent expense (a) |  |  | 10 |  |  |  | 9 |
Capitalized interest |  |  | 11 |  |  |  | 7 |
Total fixed charges |  |  | 164 |  |  |  | 177 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |
Capitalized interest |  |  | (11 | ) |  |  | (7 | )
Earnings before fixed charges |  | $ | 246 |  |  | $ | 250 |
Ratio of earnings to fixed charges |  |  | 1.5 |  |  |  | 1.4 |

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