EX-12 3 d63267_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 28/29, --------------------- 2005 2004 ---- ---- Net income $ 345 $ 203 Income tax benefit, net (3) (4) ------ ------ Income before income taxes 342 199 ------ ------ Fixed charges Interest expense, net 86 65 Interest portion of rent expense(a) 4 5 Capitalized interest 5 10 ------ ------ Total fixed charges 95 80 ------ ------ Fixed charges not affecting earnings Capitalized interest (5) (10) ------ ------ Earnings before fixed charges $ 432 $ 269 ====== ====== Ratio of earnings to fixed charges 4.5x 3.4x ====== ====== (a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 19