EX-12.1 8 a2213132zex-12_1.htm EX-12.1

Exhibit 12.1

 

Royal Caribbean Cruises Ltd.

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

Years Ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,287

 

$

607,421

 

$

515,653

 

$

152,485

 

$

573,722

 

Income tax expense (benefit)

 

55,518

 

20,673

 

20,266

 

(5,053

)

2,617

 

(Income) loss from equity investees, net of distributions

 

(21,078

)

(118

)

(200

)

15,244

 

(4,042

)

Fixed charges

 

383,575

 

409,246

 

409,065

 

363,277

 

392,596

 

Capitalized interest

 

(13,281

)

(13,986

)

(28,093

)

(41,473

)

(44,341

)

Earnings

 

$

423,021

 

$

1,023,236

 

$

916,691

 

$

484,480

 

$

920,552

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

$

369,062

 

$

396,402

 

$

399,300

 

$

351,421

 

$

371,654

 

Interest portion of rent expense (2)

 

14,513

 

12,844

 

9,765

 

11,856

 

20,942

 

Fixed charges

 

$

383,575

 

$

409,246

 

$

409,065

 

$

363,277

 

$

392,596

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.1x

 

2.5x

 

2.2x

 

1.3x

 

2.3x

 

 

(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.