Quarterly Selected Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Error Corrections and Prior Period Adjustments

The following tables present the effects of the revision on the Company’s Consolidated Statements of Operations for the periods noted above. (See Note 1. General – Revision of Prior Period Financial Statements for further details.)


	Quarter Ended March 31, 2011									Quarter Ended March 31, 2010
	(in thousands, except per share data)
	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Interest expense, net of interest capitalized	$	(87,483	)	$	(13,142	)	$	(100,625	)	$	(83,924	)	$	(7,604	)	$	(91,528	)
Total other expense		(57,982	)		(13,142	)		(71,124	)		(4,305	)		(7,604	)		(11,909	)
Net Income		91,552			(13,142	)		78,410			87,447			(7,604	)		79,843
Earnings per Share:
Basic	$	0.42		$	(0.06	)	$	0.36		$	0.41		$	(0.04	)	$	0.37
Diluted	$	0.42		$	(0.06	)	$	0.36		$	0.40		$	(0.04	)	$	0.37


	Quarter Ended June 30, 2010
	(in thousands, except per share data)
	As Previously Reported			Adjustment			As Revised
Interest expense, net of interest capitalized	$	(83,846	)	$	(6,815	)	$	(90,661	)
Total other expense		(83,138	)		(6,815	)		(89,953	)
Net Income		60,546			(6,815	)		53,731
Earnings per Share:
Basic	$	0.28		$	(0.03	)	$	0.25
Diluted	$	0.28		$	(0.03	)	$	0.25


	Quarter Ended September 30, 2010
	(in thousands, except per share data)
	As Previously Reported			Adjustment			As Revised
Interest expense, net of interest capitalized	$	(82,494	)	$	(6,588	)	$	(89,082	)
Total other expense		(88,735	)		(6,588	)		(95,323	)
Net Income		356,767			(6,588	)		350,179
Earnings per Share:
Basic	$	1.66		$	(0.03	)	$	1.63
Diluted	$	1.64		$	(0.03	)	$	1.61


	Quarter Ended December 31, 2010
	(in thousands, except per share data)
	As Previously Reported			Adjustment			As Revised
Interest expense, net of interest capitalized	$	(89,129	)	$	(10,807	)	$	(99,936	)
Total other expense		(78,988	)		(10,807	)		(89,795	)
Net Income (Loss)		42,707			(10,807	)		31,900
Earnings (Loss) per Share:
Basic	$	0.20		$	(0.05	)	$	0.15
Diluted	$	0.20		$	(0.05	)	$	0.15

Quarterly Selected Financial Data

Quarterly Selected Financial Data (Unaudited)


	(In thousands, except per share data)
	First Quarter				Second Quarter				Third Quarter				Fourth Quarter
	2011		2010		2011		2010		2011		2010		2011		2010
Total revenues¹	$	1,671,995	$	1,485,650	$	1,767,873	$	1,601,697	$	2,321,994	$	2,060,659	$	1,775,401	$	1,604,498
Operating income	$	149,534	$	91,752	$	168,190	$	143,684	$	507,742	$	445,502	$	106,162	$	121,695
Net income²^,3	$	78,410	$	79,843	$	93,491	$	53,731	$	398,958	$	350,179	$	36,562	$	31,900
Earnings per share:
Basic³	$	0.36	$	0.37	$	0.43	$	0.25	$	1.84	$	1.63	$	0.17	$	0.15
Diluted³	$	0.36	$	0.37	$	0.43	$	0.25	$	1.82	$	1.61	$	0.17	$	0.15
Dividends declared per share	$	—	$	—	$	—	$	—	$	0.10	$	—	$	0.10	$	—

¹	Our revenues are seasonal based on the demand for cruises. Demand is strongest for cruises during the Northern Hemisphere’s summer months and holidays.

²	The first quarter of 2010 included a one-time gain of approximately $85.6 million, net of costs and payments to insurers, related to the settlement of our case against Rolls Royce.

Amounts for 2010 and amounts for the first quarter of 2011 include a revision for the correction of an error in the manner in which we were amortizing certain guarantee fees. Refer to the tables below which present the effects of the revision on the Company’s Consolidated Statements of Operations for these respective periods.

Income Statement

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the effects of the revision on the Company’s Consolidated Statements of Operations for the respective annual periods. Please refer to Note 16. Quarterly Selected Financial Data (Unaudited) for the respective quarterly periods.


	Year Ended December 31, 2010									Year Ended December 31, 2009
	(in thousands, except per share data)
	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Interest expense, net of interest capitalized	$	(339,393	)	$	(31,814	)	$	(371,207	)	$	(300,012	)	$	(9,936	)	$	(309,948	)
Total other expense		(255,166	)		(31,814	)		(286,980	)		(326,090	)		(9,936	)		(336,026	)
Net Income		547,467			(31,814	)		515,653			162,421			(9,936	)		152,485
Earnings per Share:
Basic	$	2.55		$	(0.15	)	$	2.40		$	0.76		$	(0.05	)	$	0.71
Diluted	$	2.51		$	(0.15	)	$	2.37		$	0.75		$	(0.05	)	$	0.71

Balance Sheet

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the effect the revision had on the Consolidated Balance Sheet at December 31, 2010:


	As of December 31, 2010
	(in thousands)
	As Previously Reported		Adjustment			As Revised
Property and equipment, net	$	16,769,181	$	2,496		$	16,771,677
Other assets		1,151,324		(43,571	)		1,107,753
Total assets		19,694,904		(41,075	)		19,653,829
Accrued expenses and other liabilities		552,543		675			553,218
Total current liabilities		3,444,498		675			3,445,173
Retained earnings		5,301,748		(41,750	)		5,259,998
Total shareholders’ equity		7,942,502		(41,750	)		7,900,752
Total liabilities and shareholders’ equity		19,694,904		(41,075	)		19,653,829

Cash Flow

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the effect on the individual line items within operating cash flows on the Company’s Consolidated Statement of Cash Flows for December 31, 2010 and 2009:


	Year Ended December 31, 2010											Year Ended December 31, 2009
	(in thousands)
	As Previously Reported			Adjustment			Reclassification¹			As Revised		As Previously Reported		Adjustment			Reclassification¹			As Revised
Net Income	$	547,467		$	(31,814	)	$	—		$	515,653	$	162,421	$	(9,936	)	$	—		$	152,485
Increase in accrued expenses and other liabilities		72,161			(192	)		—			71,969		15,391		867			—			16,258
Other, net		(22,415	)		32,006			(2,826	)		6,765		49,738		9,069			(2,538	)		56,269

¹	Please refer to Note 2. Summary of Significant Accounting Policies for discussion.

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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