EX-12 3 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,  
     2008     2007  

Net income

    $ 1,959     $ 2,050  

Income tax expense, net

      48       26  
                

Income before income taxes

      2,007       2,076  
                

Fixed charges

     

Interest expense, net

      308       273  

Interest portion of rent expense(a)

      13       12  

Capitalized interest

      40       32  
                

Total fixed charges

      361       317  
                

Fixed charges not affecting earnings

     

Capitalized interest

      (40 )     (32 )
                

Earnings before fixed charges

    $ 2,328     $ 2,361  
                

Ratio of earnings to fixed charges

      6.4 x     7.4 x
                

 

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