CARNIVAL CORP - FORM 10-Q - EX-12 - EXHIBIT 12 - October 2, 2015

Attached files

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EX-10.1 - EXHIBIT 10.1 - CARNIVAL CORPex101.htm
EX-31.3 - EXHIBIT 31.3 - CARNIVAL CORPex_31x3xq32015.htm
EX-32.4 - EXHIBIT 32.4 - CARNIVAL CORPex_32x4xq32015.htm
10-Q - PDF OF FORM 10-Q - CARNIVAL CORPq3201510q.pdf
10-Q - 10-Q - CARNIVAL CORPa2015q310-q.htm
EX-31.1 - EXHIBIT 31.1 - CARNIVAL CORPex_31x1xq32015.htm
EX-32.2 - EXHIBIT 32.2 - CARNIVAL CORPex_32x2xq32015.htm
EX-32.1 - EXHIBIT 32.1 - CARNIVAL CORPex_32x1xq32015.htm
EX-32.3 - EXHIBIT 32.3 - CARNIVAL CORPex_32x3xq32015.htm
EX-31.4 - EXHIBIT 31.4 - CARNIVAL CORPex_31x4xq32015.htm
EX-31.2 - EXHIBIT 31.2 - CARNIVAL CORPex_31x2xq32015.htm


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 
Nine Months Ended
 
August 31,
 
2015
 
2014 (a)
 
 
 
 
Net income
$
1,487

 
$
1,319

Income tax expense, net
41

 
2

Income before income taxes
1,528

 
1,321

Fixed charges
 
 
 
   Interest expense, net
167

 
213

   Interest portion of rent expense (b)
18

 
16

   Capitalized interest
16

 
16

Total fixed charges
201

 
245

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(16
)
 
(16
)
Earnings before fixed charges
$
1,713

 
$
1,550

Ratio of earnings to fixed charges
8.5

 
6.3


(a) Revised as discussed in Note 1 to the consolidated financial statements.
(b) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.




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