Carnival Cruises 2013 Annual Report Download - page 59

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Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended November 30,
2013 2012 2011 2010 2009
Net income $ 1,078 $1,298 $1,912 $1,978 $1,790
Income tax (benefit) expense, net (6) 4 — 1 16
Income before income taxes 1,072 1,302 1,912 1,979 1,806
Fixed charges
Interest expense, net 319 336 365 378 380
Interest portion of rent expense (a) 20 19 20 21 18
Capitalized interest 15 17 21 26 37
Total fixed charges 354 372 406 425 435
Fixed charges not affecting earnings
Capitalized interest (15) (17) (21) (26) (37)
Earnings before fixed charges $1,411 $1,657 $2,297 $ 2,378 $2,204
Ratio of earnings to fixed charges 4.0x 4.5x 5.7x 5.6x 5.1x
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.