CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands		Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance at Dec. 31, 2008		$ 6,803,012	$ 2,239	$ 2,952,540	$ 4,592,529	$ (319,936)	$ (424,360)
Issuance under employee related plans		20,959	4	20,955
Distribution of Rabbi Trust shares		10,656					10,656
Changes related to cash flow derivative hedges		458,220				458,220
Change in defined benefit plans		(2,562)				(2,562)
Foreign currency translation adjustments		47,011				47,011
Net income		152,485			152,485
Ending Balance at Dec. 31, 2009		7,489,781	2,243	2,973,495	4,745,014	182,733	(413,704)
Issuance under employee related plans		53,654	19	53,635
Dividends declared by Pullmantur Air, S.A.	[1]	(669)			(669)
Changes related to cash flow derivative hedges		(123,180)				(123,180)
Change in defined benefit plans		(5,422)				(5,422)
Foreign currency translation adjustments		(29,065)				(29,065)
Net income		515,653			515,653
Ending Balance at Dec. 31, 2010		7,900,752	2,262	3,027,130	5,259,998	25,066	(413,704)
Issuance under employee related plans		44,643	14	44,629
Common Stock dividends		(43,435)			(43,435)
Dividends declared by Pullmantur Air, S.A.	[1]	(554)			(554)
Changes related to cash flow derivative hedges		(76,106)				(76,106)
Change in defined benefit plans		(6,698)				(6,698)
Foreign currency translation adjustments		(18,200)				(18,200)
Net income		607,421			607,421
Ending Balance at Dec. 31, 2011		$ 8,407,823	$ 2,276	$ 3,071,759	$ 5,823,430	$ (75,938)	$ (413,704)

[1] Dividends declared by Pullmantur Air, S.A. to its non-controlling shareholder. See Note 6. Other Assets for further information regarding Pullmantur Air, S.A.'s ownership structure.