EX-12.2 10 dp03192_ex1202.htm -- Converted by SECPublisher 4.0.0.7, created by BCL Technologies Inc., for SEC Filing

Exhibit 12.2


Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)		  
      Six Months Ended
June 30,		  
   
      2006       2005  
     
     
 
Earnings                
Income before cumulative effect of a change in accounting principle   $ 241,926     $ 292,358  
Plus: income tax expense     3,584       2,247  
Plus: (income) loss from equity investees     433       (4,208 )
Plus: fixed charges     148,185       165,949  
Less: capitalized interest     (13,313 )     (7,256 )
   
 
Earnings   $ 380,815     $ 449,090  
   
 
Fixed Charges                
Interest expense (1)   $ 137,622     $ 151,293  
Interest portion of rent expense (2)     10,563       14,656  
   
 
Fixed charges   $ 148,185     $ 165,949  
   
 
Ratio of Earnings to Fixed Charges     2.6 x     2.7 x

(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.
(2) Interest portion of rent expense represents actual interest charges for the Brilliance of the Seas
operating lease and, for all other rentals, we have assumed that one-third of rent expense is representative