Exhibit 12

CARNIVAL CORPORATION & PLC

Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Three Months Ended February 29/28,
	2012			2011
Net (loss) income	$	(139	)	$	152
Income tax (benefit) expense, net		(2	)		5
(Loss) income before income taxes		(141	)		157
Fixed charges
Interest expense, net		88			86
Interest portion of rent expense (a)		5			5
Capitalized interest		5			6
Total fixed charges		98			97
Fixed charges not affecting (loss) earnings
Capitalized interest		(5	)		(6	)
(Loss) earnings before fixed charges	$	(48	)	$	248
Ratio of earnings to fixed charges		—			2.6
Coverage deficiency	$	146		$	—

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