EX-12 4 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)

 

     Three Months Ended
February 28,		  
     2011     2010  

Net income

    $ 152      $ 175   

Income tax expense (benefit), net

      5        (15 ) 
                

Income before income taxes

      157        160   
                

Fixed charges

     

Interest expense, net

      86        96   

Interest portion of rent expense (a)

      5        6   

Capitalized interest

      6        7   
                

Total fixed charges

      97        109   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (6 )      (7 ) 
                

Earnings before fixed charges

    $ 248      $ 262   
                

Ratio of earnings to fixed charges

      2.6 x      2.4 x 
                

 

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