EX-12 2 ex_12q32017.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

| Nine Months Ended
| August 31,
| 2017 |  | 2016
Net income | $ | 2,060 |  |  | $ | 2,171 |
Income tax expense, net | 46 |  |  | 44 |
Income before income taxes | 2,106 |  |  | 2,215 |
Fixed charges |  |  |
Interest expense, net of capitalized interest | 150 |  |  | 168 |
Interest portion of rent expense (a) | 17 |  |  | 16 |
Capitalized interest | 20 |  |  | 21 |
Total fixed charges | 187 |  |  | 205 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (20 | ) |  | (21 | )
Earnings before fixed charges | $ | 2,273 |  |  | $ | 2,399 |
Ratio of earnings to fixed charges | 12.2 |  |  | 11.7 |

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