EX-12.1 5 a2234602zex-12_1.htm EX-12.1

Exhibit 12.1

Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 

 

 

Years Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,625,133

 

$

1,283,338

 

$

665,783

 

$

 764,146

 

$

473,692

 

Income tax expense (benefit)

 

18,261

 

20,070

 

11,094

 

(20,896

)

24,937

 

Income from equity investees, net of distributions

 

(46,570

)

(52,408

)

(53,015

)

(45,362

)

(26,071

)

Fixed charges

 

333,977

 

342,307

 

314,107

 

299,410

 

364,515

 

Capitalized interest

 

(24,243

)

(25,253

)

(26,491

)

(28,827

)

(17,878

)

Earnings

 

$

1,906,558

 

$

1,568,054

 

$

911,478

 

$

 968,471

 

$

819,195

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

$

324,225

 

$

332,628

 

$

304,216

 

$

287,126

 

$

350,299

 

Interest Portion of rent expense (2)

 

9,752

 

9,679

 

9,891

 

12,284

 

14,216

 

Fixed charges

 

$

333,977

 

$

342,307

 

$

314,107

 

$

299,410

 

$

364,515

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.7x

 

4.6x

 

2.9x

 

3.2x

 

2.2x

 

 

(1)         Interest expense includes capitalized interest and amortization of deferred financing expenses.

 

(2)         For the years 2014 and 2013, interest portion of rent expense represents actual interest charges for Brilliance of the Seas operating lease. For all other rentals in the periods presented, we have assumed that one-third of rent expense is representative of the interest factor.