EX-12 3 ex-12q32015.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Nine Months Ended
| August 31,
| 2015 |  | 2014 (a)
Net income | $ | 1,487 |  |  | $ | 1,319 |
Income tax expense, net | 41 |  |  | 2 |
Income before income taxes | 1,528 |  |  | 1,321 |
Fixed charges |  |  |
Interest expense, net | 167 |  |  | 213 |
Interest portion of rent expense (b) | 18 |  |  | 16 |
Capitalized interest | 16 |  |  | 16 |
Total fixed charges | 201 |  |  | 245 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (16 | ) |  | (16 | )
Earnings before fixed charges | $ | 1,713 |  |  | $ | 1,550 |
Ratio of earnings to fixed charges | 8.5 |  |  | 6.3 |

(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.