EX-12.1 6 d254924dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Royal Caribbean Cruises Ltd.

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Years Ended December 31,  
     2011      2010     2009     2008      2007  

Earnings

             

Net income

    $ 607,421       $ 515,653  (3)    $ 152,485  (3)    $ 573,722       $ 603,405   

Income tax expense (benefit)

      20,673         20,266        (5,053 )      2,617         2,524   

(Income) loss from equity investees, net of distributions

      (118 )       (200 )      15,244        (4,042 )       (7,837 ) 

Fixed charges

      409,246         409,065        363,277        392,596         394,503   

Capitalized interest

      (13,986 )       (28,093 ) (3)      (41,473 ) (3)      (44,341 )       (39,939 ) 
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Earnings

    $ 1,023,236       $ 916,691      $ 484,480      $ 920,552       $ 952,656   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Fixed Charges

             

Interest expense (1)

    $ 396,402       $ 399,300  (3)    $ 351,421  (3)    $ 371,654       $ 373,723   

Interest portion of rent expense (2)

      12,844         9,765        11,856        20,942         20,780   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Fixed charges

    $ 409,246       $ 409,065      $ 363,277      $ 392,596       $ 394,503   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Ratio of Earnings to Fixed Charges

      2.5x         2.2x        1.3x        2.3x         2.4x   

 

(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 of the interest factor.

 

(3) 

Amounts for 2010 and 2009 include a revision for the correction of errors in the manner in which we were amortizing certain guarantee fees related to three outstanding export credit agency guaranteed loans, and to a much lesser extent, fees associated with our revolving credit facilities. Refer to Note 1. “General – Revision of Prior Period Financial Statements” to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data for further details included in our Annual Report on Form 10-K for the year ended December 31, 2011.