EX-12.1 6 rcl-20161231xex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1


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


 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
1,283,338

 
$
665,783

 
$
764,146

 
$
473,692

 
$
18,287

Income tax (benefit) expense
 
20,070

 
11,094

 
(20,896
)
 
24,937

 
55,518

Income from equity investees, net of distributions
 
(52,408
)
 
(53,015
)
 
(45,362
)
 
(26,071
)
 
(21,078
)
Fixed charges
 
342,307

 
314,107

 
299,410

 
364,515

 
383,575

Capitalized interest
 
(25,253
)
 
(26,491
)
 
(28,827
)
 
(17,878
)
 
(13,281
)
Earnings
 
$
1,568,054

 
$
911,478

 
$
968,471

 
$
819,195

 
$
423,021

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
332,628

 
$
304,216

 
$
287,126

 
$
350,299

 
$
369,062

Interest portion of rent expense (2)
 
9,679

 
9,891

 
12,284

 
14,216

 
14,513

Fixed charges
 
$
342,307

 
$
314,107

 
$
299,410

 
$
364,515

 
$
383,575

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.6x

 
2.9x

 
3.2x

 
2.2x

 
1.1x


(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.
(2) For the years 2014 through 2011, interest portion of rent expense represents actual interest charges for Brilliance of the Seas operating lease. For all other rentals in the periods presented, we have assumed that one-third of rent expense is representative of the interest factor.