EX-12 2 ex_12q32016.htm EXHIBIT 12 Exhibit


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 
Nine Months Ended
 
August 31,
 
2016
 
2015
 
 
 
 
Net income
$
2,171

 
$
1,487

Income tax expense, net
44

 
41

Income before income taxes
2,215

 
1,528

Fixed charges
 
 
 
   Interest expense, net
168

 
167

   Interest portion of rent expense (a)
16

 
18

   Capitalized interest
21

 
16

Total fixed charges
205

 
201

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(21
)
 
(16
)
Earnings before fixed charges
$
2,399

 
$
1,713

Ratio of earnings to fixed charges
11.7

 
8.5


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