EX-12 3 d0770672_ex12.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios)
Years Ended November 30, ------------------------------------------------ 2006 2005 2004 2003 2002 ------- ------- ------- ------- -------- Net income $ 2,279 $ 2,253 $ 1,809 $ 1,187 $ 1,011 Income tax expense (benefit), net 39 72 47 29 (57) ------- ------- ------- ------- -------- Income before income taxes 2,318 2,325 1,856 1,216 954 ------- ------- ------- ------- -------- Fixed charges Interest expense, net 312 330 284 195 111 Interest portion of rent expense (a) 16 17 17 16 5 Capitalized interest 37 21 26 49 39 ------- ------- ------- ------- -------- Total fixed charges 365 368 327 260 155 ------- ------- ------- ------- -------- Fixed charges not affecting earnings: Capitalized interest (37) (21) (26) (49) (39) ------- ------- ------- ------- -------- Earnings before fixed charges $ 2,646 $ 2,672 $ 2,157 $ 1,427 $ 1,070 ======= ======= ======= ======= ======== Ratio of earnings to fixed charges 7.2x 7.3x 6.6x 5.5x 6.9x ======= ======= ======= ======= ========
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 49