Attached files
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Net income |
$ | 175 | $ | 260 | ||||
Income tax benefit, net |
(15 | ) | (22 | ) | ||||
Income before income taxes |
160 | 238 | ||||||
Fixed charges |
||||||||
Interest expense, net |
96 | 96 | ||||||
Interest portion of rent expense(a) |
6 | 4 | ||||||
Capitalized interest |
7 | 9 | ||||||
Total fixed charges |
109 | 109 | ||||||
Fixed charges not affecting earnings |
||||||||
Capitalized interest |
(7 | ) | (9 | ) | ||||
Earnings before fixed charges |
$ | 262 | $ | 338 | ||||
Ratio of earnings to fixed charges |
2.4 | x | 3.1 | x | ||||
(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |