EX-12 4 ex_12q22018.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges

| Six Months Ended
| May 31,
(in millions, except ratios) | 2018 |  | 2017
Net income | $ | 951 |  |  | $ | 730 |
Income tax expense, net | 3 |  |  | 7 |
Income before income taxes | 955 |  |  | 737 |
Fixed charges |  |  |
Interest expense, net of capitalized interest | 98 |  |  | 101 |
Interest portion of rent expense (a) | 11 |  |  | 11 |
Capitalized interest | 17 |  |  | 13 |
Total fixed charges | 125 |  |  | 125 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (17 | ) |  | (13 | )
Earnings before fixed charges | $ | 1,063 |  |  | $ | 849 |
Ratio of earnings to fixed charges | 8.5 |  |  | 6.8 |

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