EX-12 6 d59187_ex-12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios) Three Months Ended February 29/28, --------------------- 2004 2003 ----- ----- Net income $ 203 $ 127 Income tax benefit, net (4) (5) ----- ----- Income before income taxes 199 122 ----- ----- Fixed charges Interest expense, net 65 29 Interest portion of rent expense(1) 5 2 Capitalized interest 10 9 ----- ----- Total fixed charges 80 40 ----- ----- Fixed charges not affecting earnings Capitalized interest (10) (9) ----- ----- Earnings before fixed charges $ 269 $ 153 ===== ===== Ratio of earnings to fixed charges 3.4x 3.8x ===== ===== (1) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.