EX-12 5 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)

 

     Three Months Ended February 28,  
     2010     2009  

Net income

    $ 175      $ 260   

Income tax benefit, net

      (15 )      (22 ) 
                

Income before income taxes

      160        238   
                

Fixed charges

     

Interest expense, net

      96        96   

Interest portion of rent expense(a)

      6        4   

Capitalized interest

      7        9   
                

Total fixed charges

      109        109   
                

Fixed charges not affecting earnings

     

Capitalized interest

      (7 )      (9 ) 
                

Earnings before fixed charges

    $ 262      $ 338   
                

Ratio of earnings to fixed charges

      2.4 x      3.1 x 
                

 

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