EX-12 6 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,  
     2011     2010  

Net income

    $ 358      $ 427   

Income tax expense (benefit), net

      3        (16 ) 
                

Income before income taxes

      361        411   
                

Fixed charges

     

Interest expense, net

      177        195   

Interest portion of rent expense (a)

      10        11   

Capitalized interest

      12        13   
                

Total fixed charges

      199        219   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (12 )      (13 ) 
                

Earnings before fixed charges

    $ 548      $ 617   
                

Ratio of earnings to fixed charges

      2.8 x      2.8 x 
                

 

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