EX-12 2 ex-12q12015.htm EX-12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Three Months Ended
| February 28,
| 2015 |  | 2014 (a)
Net income (loss) | $ | 49 |  |  | $ | (20 | )
Income tax expense, net | 3 |  |  | 1 |
Income (loss) before income taxes | 52 |  |  | (19 | )
Fixed charges |  |  |
Interest expense, net | 57 |  |  | 72 |
Interest portion of rent expense (b) | 6 |  |  | 5 |
Capitalized interest | 5 |  |  | 5 |
Total fixed charges | 68 |  |  | 82 |
Fixed charges not affecting earnings (loss) |  |  |
Capitalized interest | (5 | ) |  | (5 | )
Earnings before fixed charges | $ | 115 |  |  | $ | 58 |
Ratio of earnings to fixed charges | 1.7 |  |  | — |
Coverage deficiency | $ | — |  |  | $ | 24 |

(a) Revised as discussed in Note 1 to the consolidated financial statements.
(b) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.