Carnival Cruises 2008 Annual Report Download - page 59

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59
Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Years Ended November 30,
2008 2007 2006 2005 2004
Net income $2,330 $2,408 $2,279 $2,253 $1,809
Income tax expense, net 47 16 39 72 47
Income before income taxes 2,377 2,424 2,318 2,325 1,856
Fixed charges
Interest expense, net 414 367 312 330 284
Interest portion of
rent expense (a) 17 15 16 17 17
Capitalized interest 52 44 37 21 26
Total fixed charges 483 426 365 368 327
Fixed charges not affecting
earnings
Capitalized interest (52) (44) (37) (21) (26)
Earnings before fixed
charges $2,808 $2,806 $2,646 $2,672 $2,157
Ratio of earnings to
fixed charges 5.8x 6.6x 7.2x 7.3x 6.6x
(a) Represents one-third of rent expense, which we believe to be representative of the
interest portion of rent expense.