EX-12 2 ex_12q32016.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Nine Months Ended
| August 31,
| 2016 |  | 2015
Net income | $ | 2,171 |  |  | $ | 1,487 |
Income tax expense, net | 44 |  |  | 41 |
Income before income taxes | 2,215 |  |  | 1,528 |
Fixed charges |  |  |
Interest expense, net | 168 |  |  | 167 |
Interest portion of rent expense (a) | 16 |  |  | 18 |
Capitalized interest | 21 |  |  | 16 |
Total fixed charges | 205 |  |  | 201 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (21 | ) |  | (16 | )
Earnings before fixed charges | $ | 2,399 |  |  | $ | 1,713 |
Ratio of earnings to fixed charges | 11.7 |  |  | 8.5 |

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