EX-12 5 ex_12q12017.htm EXHIBIT 12 Exhibit


Exhibit 12

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

 
Three Months Ended
 
February 28/29,
 
2017
 
2016
 
 
 
 
Net income
$
352

 
$
142

Income tax expense, net
2

 
1

Income before income taxes
354

 
143

Fixed charges
 
 
 
   Interest expense, net of capitalized interest
51

 
52

   Interest portion of rent expense (a)
5

 
6

   Capitalized interest
6

 
8

Total fixed charges
62

 
66

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(6
)
 
(8
)
Earnings before fixed charges
$
410

 
$
201

Ratio of earnings to fixed charges
6.6

 
3.0


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