EX-12 4 ex-12.htm EX-12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Nine Months Ended
| August 31,
| 2014 |  | 2013
Net income | $ | 1,338 |  |  | $ | 1,012 |
Income tax expense, net | 2 |  |  | 3 |
Income before income taxes | 1,340 |  |  | 1,015 |
Fixed charges |  |  |
Interest expense, net | 213 |  |  | 237 |
Interest portion of rent expense (a) | 16 |  |  | 14 |
Capitalized interest | 16 |  |  | 11 |
Total fixed charges | 245 |  |  | 262 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (16 | ) |  | (11 | )
Earnings before fixed charges | $ | 1,569 |  |  | $ | 1,266 |
Ratio of earnings to fixed charges | 6.4 |  |  | 4.8 |

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