EX-12 2 ex_12q32018.htm EXHIBIT 12
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges

| Nine Months Ended
| August 31,
(in millions, except ratios) | 2018 |  | 2017
Net income | $ | 2,659 |  |  | $ | 2,060 |
Income tax expense, net | 40 |  |  | 46 |
Income before income taxes | 2,699 |  |  | 2,106 |
Fixed charges |  |  |
Interest expense, net of capitalized interest | 147 |  |  | 150 |
Interest portion of rent expense (a) | 17 |  |  | 17 |
Capitalized interest | 26 |  |  | 20 |
Total fixed charges | 190 |  |  | 187 |
Fixed charges not affecting earnings |  |  |
Capitalized interest | (26 | ) |  | (20 | )
Earnings before fixed charges | $ | 2,862 |  |  | $ | 2,273 |
Ratio of earnings to fixed charges | 15.1 |  |  | 12.2 |

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