EX-12.1 5 rcl-20131231xex121.htm EXHIBIT RCL-2013.12.31-EX12.1
Exhibit 12.1


Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)


 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$473,692
 
$18,287
 
$607,421
 
$515,653
 
$152,485
Income tax expense (benefit)
 
24,937
 
55,518
 
         20,673
 
           20,266
 
       (5,053)
(Income) loss from equity investees, net of distributions
 
(26,071)
 
  (21,078)
 
            (118)
 
               (200)
 
       15,244
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
364,515
 
  383,575
 
       409,246
 
         409,065
 
     363,277
Capitalized interest
 
(17,878)
 
  (13,281)
 
       (13,986)
 
          (28,093)
 
     (41,473)
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
$819,165
 
$423,021
 
$1,023,236
 
$916,691
 
$484,480
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
$350,299
 
$369,062
 
$396,402
 
$399,300
 
$351,421
Interest portion of rent expense (2)
 
14,216
 
    14,513
 
         12,844
 
             9,765
 
       11,856
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$364,515
 
$383,575
 
$409,246
 
$409,065
 
$363,277
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.2x
 
1.1x
 
2.5x
 
2.2x
 
1.3x
 
 
 
 
 
 
 
 
 
 
 

(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.