EX-12 15 ex12_1.htm EX-12.1 RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

 

Royal Caribbean Cruises Ltd.

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

Years Ended December 31,

 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

Income before   cumulative   effect of a   change in   accounting   principle

 

$663,465

 

 

$474,691

 

 

$280,664

 

 

$351,284

 

 

$254,457

Income tax   expense

16,124

 

2,810

 

2,100

 

1,040

 

-

(Income) loss   from   equity   investees

(6,661)

 

(1,912)

 

(1,694)

 

6,536

 

1,576

Fixed charges

310,442

 

343,272

 

307,369

 

302,477

 

293,470

Capitalized   interest

(17,688)

 

(7,228)

 

(15,932)

 

(23,425)

 

(36,983)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

$965,682

 

$811,633

 

$572,507

 

$637,912

 

$512,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

$287,438

 

$317,205

 

$284,328

 

$290,269

 

$290,195

 

Interest portion   of rent expense   (2)

23,004

 

26,067

 

23,041

 

12,208

 

3,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

$310,442

 

$343,272

 

$307,369

 

$302,477

 

$293,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of   Earnings to   Fixed Charges

3.1x

 

2.4x

 

1.9x

 

2.1x

 

1.8x

 

 

(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.