Carnival Cruises 2011 Annual Report Download - page 50

Non-GAAP fully diluted earnings per share was computed as follows (in millions, except per share data):
Years Ended
November 30,
2011 2010
Net income - diluted
U.S. GAAP net income (a) .................................................. $1,912 $1,989
Unrealized gains on fuel derivatives, net ........................................ (1) -
Non-GAAP net income (a) .................................................. $1,911 $1,989
Weighted-average shares outstanding - diluted ................................... 789 805
Earnings per share - diluted
U.S. GAAP earnings per share ............................................... $ 2.42 $ 2.47
Unrealized gains on fuel derivatives, net ......................................... - -
Non-GAAP earnings per share ............................................... $ 2.42 $ 2.47
(a) For fiscal 2010, diluted net income included an add-back of interest expense on dilutive convertible notes.
Net cruise revenues increased $1.1 billion, or 9.7%, to $12.5 billion in 2011 from $11.4 billion in 2010. This was
caused by a 5.1% capacity increase in ALBDs, which accounted for $589 million, a weaker U.S. dollar against
the euro, sterling and Australia dollar, which accounted for $265 million, and a 2.1% increase in constant dollar
net revenue yields, which accounted for $253 million. The 2.1% increase in net revenue yields on a constant
dollar basis was comprised of a 2.3% increase in net passenger ticket revenue yields and a 1.4% increase in net
onboard and other revenue yields. The 2.3% increase in net passenger ticket revenue yields was driven by the
continuing recovery in pricing at our North American brands as they achieved an almost four percent net revenue
yield increase while our EAA brands net revenue yields were in line with the prior year despite all of their
challenges, including MENA, the earthquake and resulting nuclear disaster in Japan and the European debt
crisis. Gross cruise revenues increased $1.3 billion, or 9.4%, to $15.5 billion in 2011 from $14.2 billion in 2010
for largely the same reasons as discussed above.
Net cruise costs excluding fuel increased $536 million, or 8.8%, to $6.6 billion in 2011 from $6.1 billion in
2010. This was caused by our 5.1 % capacity increase in ALBDs, which accounted for $314 million, a weaker
U.S. dollar against the euro, sterling and Australia dollar, which accounted for $122 million, and a 1.6% increase
in constant dollar net cruise costs excluding fuel per ALBD, which accounted for $100 million. The 1.6%
increase in constant dollar net cruise costs excluding fuel per ALBD was principally driven by inflationary
pressures on crew travel, food, freight and other hotel operating expenses.
Fuel costs increased $571 million, or 35.2%, to $2.2 billion in 2011 from $1.6 billion in 2010. This was caused
by higher fuel prices, which accounted for $535 million, and a 5.1% capacity increase in ALBDs, which
accounted for $83 million, partially offset by lower fuel consumption per ALBD.
Gross cruise costs increased $1.3 billion, or 12.7% to $11.8 billion in 2011 from $10.5 billion in 2010 for
principally the same reasons as discussed above.
Fiscal 2010 (“2010”) Compared to Fiscal 2009 (“2009”)
Revenues
Consolidated
Approximately 77% of 2010 total revenues are comprised of cruise passenger ticket revenues. Cruise passenger
ticket revenues increased by $796 million, or 7.7%, to $11.1 billion in 2010 from $10.3 billion in 2009. This
increase was caused by our 7.1% capacity increase in ALBDs, which accounted for $735 million, and a recovery
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