EX-12 5 ex_12q12017.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Three Months Ended
| February 28/29,
| 2017 |  | 2016
Net income | $ | 352 |  |  | $ | 142 |
Income tax expense, net | 2 |  |  | 1 |
Income before income taxes | 354 |  |  | 143 |
Fixed charges |  |  |
Interest expense, net of capitalized interest | 51 |  |  | 52 |
Interest portion of rent expense (a) | 5 |  |  | 6 |
Capitalized interest | 6 |  |  | 8 |
Total fixed charges | 62 |  |  | 66 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (6 | ) |  | (8 | )
Earnings before fixed charges | $ | 410 |  |  | $ | 201 |
Ratio of earnings to fixed charges | 6.6 |  |  | 3.0 |

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