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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
Nine Months Ended | |||||||
August 31, | |||||||
(in millions, except ratios) | 2018 | 2017 | |||||
Net income | $ | 2,659 | $ | 2,060 | |||
Income tax expense, net | 40 | 46 | |||||
Income before income taxes | 2,699 | 2,106 | |||||
Fixed charges | |||||||
Interest expense, net of capitalized interest | 147 | 150 | |||||
Interest portion of rent expense (a) | 17 | 17 | |||||
Capitalized interest | 26 | 20 | |||||
Total fixed charges | 190 | 187 | |||||
Fixed charges not affecting earnings | |||||||
Capitalized interest | (26 | ) | (20 | ) | |||
Earnings before fixed charges | $ | 2,862 | $ | 2,273 | |||
Ratio of earnings to fixed charges | 15.1 | 12.2 |
(a) | Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. |