ROYAL CARIBBEAN CRUISES LTD - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 23, 2015

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EX-23.2 - EXHIBIT 23.2 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex232.htm
EX-24.1 - EXHIBIT 24.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex241.htm
EX-23.1 - EXHIBIT 23.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex231.htm
EX-31.1 - EXHIBIT 31.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex311.htm
EX-21.1 - EXHIBIT 21.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex211.htm
EX-10.26 - EXHIBIT 10.26 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex1026.htm
EX-10.27 - EXHIBIT 10.27 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex1027.htm
EX-10.33 - EXHIBIT 10.33 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex1033.htm
EX-10.37 - EXHIBIT 10.37 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex1037.htm
EXCEL - IDEA: XBRL DOCUMENT - ROYAL CARIBBEAN CRUISES LTDFinancial_Report.xls
EX-32.1 - EXHIBIT 32.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex321.htm
10-K - RCL-2014.12.31-10K - ROYAL CARIBBEAN CRUISES LTDrcl-20141231x10k.htm
EX-31.2 - EXHIBIT 31.2 - ROYAL CARIBBEAN CRUISES LTDrcl-20141231xex312.htm
Exhibit 12.1


Royal Caribbean Cruises Ltd.
Ratio of Earnings to Fixed Charges
(in thousands, except ratios)


 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
764,146

 
$
473,692

 
$
18,287

 
$
607,421

 
$
515,653

Income tax (benefit) expense
 
(20,896
)
 
24,937

 
55,518

 
20,673

 
20,266

Income from equity investees, net of distributions
 
(45,362
)
 
(26,071
)
 
(21,078
)
 
(118
)
 
(200
)
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
299,410

 
364,515

 
383,575

 
409,246

 
409,065

Capitalized interest
 
(28,827
)
 
(17,878
)
 
(13,281
)
 
(13,986
)
 
(28,093
)
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
$
968,471

 
$
819,165

 
$
423,021

 
$
1,023,236

 
$
916,691

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
287,126

 
$
350,299

 
$
369,062

 
$
396,402

 
$
399,300

Interest portion of rent expense (2)
 
12,284

 
14,216

 
14,513

 
12,844

 
9,765

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
299,410

 
$
364,515

 
$
383,575

 
$
409,246

 
$
409,065

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.2x

 
2.2x

 
1.1x

 
2.5x

 
2.2x

 
 
 
 
 
 
 
 
 
 
 

(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.
(2) Interest portion of rent expense represents actual interest charges for the Brilliance of the Seas operating lease and, for all other rentals, we have assumed that one-third of rent expense is representative of the interest factor.



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