EX-12 3 exhibit1210-k.htm EX-12
Exhibit 12

CARNIVAL CORPORATION & PLC RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
| Years Ended November 30,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Net income | $ | 1,757 |  |  | $ | 1,216 |  |  | $ | 1,078 |  |  | $ | 1,298 |  |  | $ | 1,912 |
Income tax (benefit) expense, net | 42 |  |  | 9 |  |  | (6 | ) |  | 4 |  |  | - |
Income before income taxes | 1,799 |  |  | 1,225 |  |  | 1,072 |  |  | 1,302 |  |  | 1,912 |
Fixed charges |  |  |  |  |  |  |  |  |
Interest expense, net | 217 |  |  | 288 |  |  | 319 |  |  | 336 |  |  | 365 |
Interest portion of rent expense (a) | 23 |  |  | 21 |  |  | 20 |  |  | 19 |  |  | 20 |
Capitalized interest | 22 |  |  | 21 |  |  | 15 |  |  | 17 |  |  | 21 |
Total fixed charges | 262 |  |  | 330 |  |  | 354 |  |  | 372 |  |  | 406 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |  |
Capitalized interest | (22 | ) |  | (21 | ) |  | (15 | ) |  | (17 | ) |  | (21 | )
Earnings before fixed charges | $ | 2,039 |  |  | $ | 1,534 |  |  | $ | 1,411 |  |  | $ | 1,657 |  |  | $ | 2,297 |
Ratio of earnings to fixed charges | 7.8x |  |  | 4.6x |  |  | 4.0x |  | 4.5x |  |  | 5.7x |

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