Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
| Years Ended November 30, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| Net income |
$ | 1,912 | $ | 1,978 | $ | 1,790 | $ | 2,324 | $ | 2,395 | ||||||||||
| Income tax expense, net |
— | 1 | 16 | 47 | 16 | |||||||||||||||
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| Income before income taxes |
1,912 | 1,979 | 1,806 | 2,371 | 2,411 | |||||||||||||||
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| Fixed charges |
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| Interest expense, net |
365 | 378 | 380 | 420 | 380 | |||||||||||||||
| Interest portion of rent expense (a) |
20 | 21 | 18 | 17 | 15 | |||||||||||||||
| Capitalized interest |
21 | 26 | 37 | 52 | 44 | |||||||||||||||
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| Total fixed charges |
406 | 425 | 435 | 489 | 439 | |||||||||||||||
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| Fixed charges not affecting earnings |
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| Capitalized interest |
(21 | ) | (26 | ) | (37 | ) | (52 | ) | (44 | ) | ||||||||||
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| Earnings before fixed charges |
$ | 2,297 | $ | 2,378 | $ | 2,204 | $ | 2,808 | $ | 2,806 | ||||||||||
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| Ratio of earnings to fixed charges |
5.7 | x | 5.6 | x | 5.1 | x | 5.7 | x | 6.4 | x | ||||||||||
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| (a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |