EX-12 7 d73437_ex12.htm 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 29/28,

 

 

 

 

 

 

2008

 

2007

 

 

 

 

 

 

Net income

 

 

$

236

 

 

 

$

283

 

 

Income tax benefit, net

 

 

 

(10

)

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

226

 

 

 

 

279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

98

 

 

 

 

84

 

 

Interest portion of rent expense (a)

 

 

 

5

 

 

 

 

4

 

 

Capitalized interest

 

 

 

14

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

 

117

 

 

 

 

99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges not affecting earnings Capitalized interest

 

 

 

(14

)

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

 

$

329

 

 

 

$

367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

 

2.8

x

 

 

 

3.7

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.

21