EX-12 2 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

 

     Nine Months Ended August 31,  
     2009     2008  

Net income

    $ 1,597      $ 1,959   

Income tax expense, net

      8        48   
                

Income before income taxes

      1,605        2,007   
                

Fixed charges

     

Interest expense, net

      281        308   

Interest portion of rent expense(a)

      14        13   

Capitalized interest

      28        40   
                

Total fixed charges

      323        361   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (28 )      (40 ) 
                

Earnings before fixed charges

    $ 1,900      $ 2,328   
                

Ratio of earnings to fixed charges

      5.9 x      6.4 x 
                

 

(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.