EX-12 6 d67520_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, ------------------ 2006 2005 ---- ---- Net income $ 280 $ 345 Income tax expense (benefit), net 14 (3) ----- ----- Income before income taxes 294 342 ----- ----- Fixed charges Interest expense, net 76 86 Interest portion of rent expense(a) 4 4 Capitalized interest 8 5 ----- ----- Total fixed charges 88 95 ----- ----- Fixed charges not affecting earnings Capitalized interest (8) (5) ----- ----- Earnings before fixed charges $ 374 $ 432 ===== ===== Ratio of earnings to fixed charges 4.3x 4.5x ===== ===== (a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.