EX-12 4 d60874_ex12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios) Nine Months Ended August 31, ---------------- 2004 2003 ---- ---- Net income $1,561 $ 989 Income tax expense, net 56 20 Loss from equity investees 3 ------ ------ Income before income taxes 1,620 1,009 ------ ------ Fixed charges Interest expense, net 212 129 Interest portion of rent expense(1) 13 7 Capitalized interest 21 38 ------ ------ Total fixed charges 246 174 ------ ------ Fixed charges not affecting earnings Capitalized interest (21) (38) ------ ------ Earnings before fixed charges $1,845 $1,145 ====== ====== Ratio of earnings to fixed charges 7.5x 6.6x ====== ====== (1) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 22