EX-12 10 d71243_ex12.txt EARNINGS RATIO Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios) Three Months Ended February 28, ----------------- 2007 2006 ---- ---- Net income $283 $251 Income tax (benefit) expense, net (4) 14 ---- ---- Income before income taxes 279 265 ---- ---- Fixed charges Interest expense, net 84 76 Interest portion of rent expense(a) 4 4 Capitalized interest 11 8 ---- ---- Total fixed charges 99 88 ---- ---- Fixed charges not affecting earnings Capitalized interest (11) (8) ---- ---- Earnings before fixed charges $367 $345 ==== ==== Ratio of earnings to fixed charges 3.7x 3.9x ==== ==== (a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 19