EX-12 6 ex_12q12018.htm EXHIBIT 12 Exhibit


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.