EX-12 5 exhibit12201610-k.htm EX-12
Exhibit 12

CARNIVAL CORPORATION & PLC RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
| Years Ended November 30,
| 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Net income | $ | 2,779 |  |  | $ | 1,757 |  |  | $ | 1,216 |  |  | $ | 1,055 |  |  | $ | 1,285 |
Income tax (benefit) expense, net | 49 |  |  | 42 |  |  | 9 |  |  | (6 | ) |  | 4 |
Income before income taxes | 2,828 |  |  | 1,799 |  |  | 1,225 |  |  | 1,049 |  |  | 1,289 |
Fixed charges |  |  |  |  |  |  |  |  |
Interest expense, net | 223 |  |  | 217 |  |  | 288 |  |  | 319 |  |  | 336 |
Interest portion of rent expense (a) | 22 |  |  | 23 |  |  | 21 |  |  | 20 |  |  | 19 |
Capitalized interest | 26 |  |  | 22 |  |  | 21 |  |  | 15 |  |  | 17 |
Total fixed charges | 271 |  |  | 262 |  |  | 330 |  |  | 354 |  |  | 372 |
Fixed charges not affecting earnings |  |  |  |  |  |  |  |  |
Capitalized interest | (26 | ) |  | (22 | ) |  | (21 | ) |  | (15 | ) |  | (17 | )
Earnings before fixed charges | $ | 3,073 |  |  | $ | 2,039 |  |  | $ | 1,534 |  |  | $ | 1,388 |  |  | $ | 1,644 |
Ratio of earnings to fixed charges | 11.3x |  |  | 7.8x |  |  | 4.6x |  |  | 3.9x |  | 4.4x |

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