EX-12 2 d69481_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, ------------------ 2006 2005 ---- ---- Net income $1,863 $1,917 Income tax expense, net 42 42 ------ ------ Income before income taxes 1,905 1,959 ------ ------ Fixed charges Interest expense, net 232 250 Interest portion of rent expense(a) 12 12 Capitalized interest 27 14 ------ ------ Total fixed charges 271 276 ------ ------ Fixed charges not affecting earnings Capitalized interest (27) (14) ------ ------ Earnings before fixed charges $2,149 $2,221 ====== ====== Ratio of earnings to fixed charges 7.9x 8.0x ====== ====== (a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 26