EX-12 6 ex_12q12018.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges

| Three Months Ended
| February 28,
(in millions, except ratios) | 2018 |  | 2017
Net income | $ | 391 |  |  | $ | 352 |
Income tax expense, net | — |  |  | 2 |
Income before income taxes | 390 |  |  | 354 |
Fixed charges |  |  |
Interest expense, net of capitalized interest | 48 |  |  | 51 |
Interest portion of rent expense (a) | 5 |  |  | 5 |
Capitalized interest | 8 |  |  | 6 |
Total fixed charges | 61 |  |  | 62 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (8 | ) |  | (6 | )
Earnings before fixed charges | $ | 443 |  |  | $ | 410 |
Ratio of earnings to fixed charges | 7.3 |  |  | 6.6 |

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