ROYAL CARIBBEAN CRUISES LTD - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 22, 2016

Attached files

file filename
10-K - 10-K - ROYAL CARIBBEAN CRUISES LTDrcl-20151231x10k.htm
EX-10.8 - EXHIBIT 10.8 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex108.htm
EX-21.1 - EXHIBIT 21.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex211.htm
EX-23.2 - EXHIBIT 23.2 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex232.htm
EX-10.7 - EXHIBIT 10.7 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex107.htm
EX-31.1 - EXHIBIT 31.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex311.htm
EX-10.5 - EXHIBIT 10.5 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex105.htm
EX-24.1 - EXHIBIT 24.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex241.htm
EX-23.1 - EXHIBIT 23.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex231.htm
EX-32.1 - EXHIBIT 32.1 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex321.htm
EX-10.4 - EXHIBIT 10.4 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex104.htm
EX-10.26 - EXHIBIT 10.26 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex1026.htm
EX-31.2 - EXHIBIT 31.2 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex312.htm
EX-10.6 - EXHIBIT 10.6 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex106.htm
EX-10.10 - EXHIBIT 10.10 - ROYAL CARIBBEAN CRUISES LTDrcl-20151231xex1010.htm
Exhibit 12.1


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


 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
665,783

 
$
764,146

 
$
473,692

 
$
18,287

 
$
607,421

Income tax (benefit) expense
 
11,094

 
(20,896
)
 
24,937

 
55,518

 
20,673

Income from equity investees, net of distributions
 
(53,015
)
 
(45,362
)
 
(26,071
)
 
(21,078
)
 
(118
)
Fixed charges
 
314,107

 
299,410

 
364,515

 
383,575

 
409,246

Capitalized interest
 
(26,491
)
 
(28,827
)
 
(17,878
)
 
(13,281
)
 
(13,986
)
Earnings
 
$
911,478

 
$
968,471

 
$
819,165

 
$
423,021

 
$
1,023,236

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
304,216

 
$
287,126

 
$
350,299

 
$
369,062

 
$
396,402

Interest portion of rent expense (2)
 
9,891

 
12,284

 
14,216

 
14,513

 
12,844

Fixed charges
 
$
314,107

 
$
299,410

 
$
364,515

 
$
383,575

 
$
409,246

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.9x

 
3.2x

 
2.2x

 
1.1x

 
2.5x


(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.
(2) For the years 2014 through 2011, interest portion of rent expense represents actual interest charges for Brilliance of the Seas operating lease. For all other rentals in the periods presented, we have assumed that one-third of rent expense is representative of the interest factor.



Stock widget

Investing forum

ROYAL CARIBBEAN CRUISES LTD Reports