Carnival Cruises 2012 Annual Report Download - page 69
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Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended November 30,
2012 2011 2010 2009 2008
Net income $1,298 $1,912 $1,978 $1,790 $2,324
Income tax expense, net 4 — 1 16 47
Income before income taxes 1,302 1,912 1,979 1,806 2,371
Fixed charges
Interest expense, net 336 365 378 380 420
Interest portion of rent expense (a) 19 20 21 18 17
Capitalized interest 17 21 26 37 52
Total fixed charges 372 406 425 435 489
Fixed charges not affecting earnings
Capitalized interest (17) (21) (26) (37) (52)
Earnings before fixed charges $1,657 $2,297 $ 2,378 $2,204 $ 2,808
Ratio of earnings to fixed charges 4.5x 5.7x 5.6x 5.1x 5.7x
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.