EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES 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,  
     2009     2008  

Net income

    $ 524      $ 626   

Income tax benefit, net

      (16 )      (4 ) 
                

Income before income taxes

      508        622   
                

Fixed charges

     

Interest expense, net

      186        200   

Interest portion of rent expense(a)

      9        8   

Capitalized interest

      19        28   
                

Total fixed charges

      214        236   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (19 )      (28 ) 
                

Earnings before fixed charges

    $ 703      $ 830   
                

Ratio of earnings to fixed charges

      3.3 x      3.5 x 
                

 

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