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,  
     2010     2009  

Net income

    $ 427      $ 524   

Income tax benefit, net

      (16 )      (16 ) 
                

Income before income taxes

      411        508   
                

Fixed charges

     

Interest expense, net

      195        186   

Interest portion of rent expense(a)

      11        9   

Capitalized interest

      13        19   
                

Total fixed charges

      219        214   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (13 )      (19 ) 
                

Earnings before fixed charges

    $ 617      $ 703   
                

Ratio of earnings to fixed charges

      2.8 x      3.3 x 
                

 

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