EX-12 6 ex_12q22016.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Six Months Ended
| May 31,
| 2016 |  | 2015
Net income | $ | 747 |  |  | $ | 271 |
Income tax expense, net | 3 |  |  | 7 |
Income before income taxes | 750 |  |  | 278 |
Fixed charges |  |  |
Interest expense, net | 108 |  |  | 114 |
Interest portion of rent expense (a) | 11 |  |  | 11 |
Capitalized interest | 16 |  |  | 10 |
Total fixed charges | 135 |  |  | 135 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (16 | ) |  | (10 | )
Earnings before fixed charges | $ | 869 |  |  | $ | 403 |
Ratio of earnings to fixed charges | 6.4 |  |  | 3.0 |

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