EX-12 2 d72275_ex12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (in millions, except ratios)
Six Months Ended May 31, -------------------------- 2007 2006 ---- ---- Net income $673 $631 Income tax (benefit) expense, net (13) 11 ---- ---- Income before income taxes 660 642 ---- ---- Fixed charges Interest expense, net 178 151 Interest portion of rent expense(a) 7 8 Capitalized interest 23 17 ---- ---- Total fixed charges 208 176 ---- ---- Fixed charges not affecting earnings Capitalized interest (23) (17) ---- ---- Earnings before fixed charges $845 $801 ==== ==== Ratio of earnings to fixed charges 4.1x 4.6x ==== ====
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 22