EX-12 10 d65276_ex12.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios) Nine Months Ended August 31, ---------------- 2005 2004 ---- ---- Net income $1,904 $1,561 Income tax expense, net 43 56 ------ ------ Income before income taxes 1,947 1,617 ------ ------ Fixed charges Interest expense, net 250 212 Interest portion of rent expense(a) 12 13 Capitalized interest 14 21 ------ ----- Total fixed charges 276 246 ------ ----- Fixed charges not affecting earnings Capitalized interest (14) (21) ------ ------ Earnings before fixed charges $2,209 $1,842 ====== ====== Ratio of earnings to fixed charges 8.0x 7.5x ====== ====== (a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 22