EX-12 9 ex12_form10q083103.txt EXHIBIT 12 EXHIBIT 12 ---------- CARNIVAL CORPORATION & PLC RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios) NINE MONTHS ENDED AUGUST 31, ------------------ 2003 2002 ---- ---- Net income $ 988,935 $824,605 Income tax expense (benefit), net 19,836 (36,472) ---------- -------- Income before income taxes 1,008,771 788,133 ---------- -------- Fixed charges Interest expense, net 128,660 86,431 Interest portion of rent expense(1) 7,584 3,689 Capitalized interest 38,211 25,334 ---------- -------- Total fixed charges 174,455 115,454 ---------- -------- Fixed charges not affecting earnings Capitalized interest (38,211) (25,334) ---------- -------- Earnings before fixed charges $1,145,015 $878,253 ========== ======== Ratio of earnings to fixed charges 6.6x 7.6x ========== ======== (1) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.